Gogo Inc. (GOGO) Stake Lifted by Bank of New York Mellon Corp
Bank of New York Mellon Corp lifted its holdings in Gogo Inc. (NASDAQ:GOGO) by 5.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 244,268 shares of the technology company’s stock after purchasing an additional 13,237 shares during the quarter. Bank of New York Mellon Corp owned 0.28% of Gogo worth $2,817,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. PEAK6 Investments L.P. bought a new position in shares of Gogo in the first quarter worth $825,000. American International Group Inc. grew its stake in shares of Gogo by 7.1% in the first quarter. American International Group Inc. now owns 34,656 shares of the technology company’s stock worth $381,000 after purchasing an additional 2,294 shares in the last quarter. First Trust Advisors LP bought a new position in shares of Gogo in the first quarter worth $564,000. Morgan Stanley grew its stake in shares of Gogo by 15.2% in the first quarter. Morgan Stanley now owns 349,201 shares of the technology company’s stock worth $3,841,000 after purchasing an additional 46,147 shares in the last quarter. Finally, First Midwest Bank Trust Division grew its stake in shares of Gogo by 2.1% in the second quarter. First Midwest Bank Trust Division now owns 151,391 shares of the technology company’s stock worth $1,746,000 after purchasing an additional 3,059 shares in the last quarter. 66.51% of the stock is owned by institutional investors.
Gogo Inc. (GOGO) opened at 11.71 on Wednesday. The company’s 50-day moving average price is $13.16 and its 200 day moving average price is $12.38. The company’s market cap is $1.02 billion. Gogo Inc. has a 52 week low of $8.56 and a 52 week high of $14.76.
Gogo (NASDAQ:GOGO) last released its earnings results on Monday, August 7th. The technology company reported ($0.56) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.49) by ($0.07). The firm had revenue of $172.80 million during the quarter, compared to the consensus estimate of $167.63 million. The business’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.31) earnings per share. On average, analysts anticipate that Gogo Inc. will post ($2.02) EPS for the current year.
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Several research firms have recently issued reports on GOGO. Northland Securities began coverage on Gogo in a research note on Tuesday, September 19th. They issued an “under perform” rating and a $6.75 price target for the company. BidaskClub cut Gogo from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. ValuEngine raised Gogo from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Standpoint Research cut Gogo from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Zacks Investment Research raised Gogo from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Three research analysts have rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Gogo presently has an average rating of “Hold” and an average price target of $14.35.
Gogo Inc is a holding company. The Company is a provider of in-flight broadband connectivity and connectivity-enabled services to commercial and business aviation. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).
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