Gogo Inc. (GOGO) Stake Lifted by The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company grew its holdings in Gogo Inc. (NASDAQ:GOGO) by 3.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 47,904 shares of the technology company’s stock after acquiring an additional 1,407 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Gogo worth $552,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. acquired a new stake in shares of Gogo in the 1st quarter valued at about $114,000. Parkwood LLC boosted its position in shares of Gogo by 16.2% in the 2nd quarter. Parkwood LLC now owns 12,888 shares of the technology company’s stock valued at $149,000 after purchasing an additional 1,799 shares during the period. Legal & General Group Plc boosted its position in shares of Gogo by 12.3% in the 1st quarter. Legal & General Group Plc now owns 14,770 shares of the technology company’s stock valued at $163,000 after purchasing an additional 1,612 shares during the period. Fox Run Management L.L.C. acquired a new stake in shares of Gogo in the 2nd quarter valued at about $180,000. Finally, Laurion Capital Management LP acquired a new stake in shares of Gogo in the 2nd quarter valued at about $223,000. Institutional investors and hedge funds own 65.11% of the company’s stock.
GOGO has been the subject of a number of research analyst reports. Standpoint Research cut Gogo from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. BidaskClub raised Gogo from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Zacks Investment Research cut Gogo from a “hold” rating to a “sell” rating in a research report on Monday, August 7th. ValuEngine raised Gogo from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Northland Securities initiated coverage on Gogo in a research report on Tuesday, September 19th. They issued an “under perform” rating and a $6.75 target price for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $14.35.
Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.06). The business had revenue of $172.87 million during the quarter, compared to the consensus estimate of $172.92 million. During the same period last year, the firm earned ($0.42) earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. equities analysts predict that Gogo Inc. will post -2.11 earnings per share for the current fiscal year.
In related news, insider Michael Small acquired 100,000 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was bought at an average cost of $8.79 per share, with a total value of $879,000.00. Following the transaction, the insider now owns 398,224 shares of the company’s stock, valued at $3,500,388.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 37.30% of the stock is currently owned by company insiders.
Gogo Company Profile
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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