Gogo (NASDAQ:GOGO) Price Target Cut to $12.00 by Analysts at Morgan Stanley

Gogo (NASDAQ:GOGO) had its price target reduced by stock analysts at Morgan Stanley from $15.00 to $12.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price target points to a potential upside of 48.88% from the stock’s previous close.

Separately, JPMorgan Chase & Co. assumed coverage on Gogo in a research report on Thursday, February 29th. They set a “neutral” rating and a $11.00 price objective for the company. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Gogo has an average rating of “Hold” and a consensus price target of $15.30.

Gogo Trading Down 0.7 %

Shares of NASDAQ:GOGO traded down $0.06 during trading on Tuesday, reaching $8.06. 785,680 shares of the company traded hands, compared to its average volume of 939,649. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 7.39 and a beta of 1.08. Gogo has a 52-week low of $7.53 and a 52-week high of $17.94. The company has a current ratio of 4.37, a quick ratio of 3.49 and a debt-to-equity ratio of 14.43. The business’s fifty day moving average is $8.86 and its 200-day moving average is $9.72.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates of $0.11. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. The company had revenue of $97.81 million during the quarter, compared to analyst estimates of $96.56 million. During the same quarter last year, the firm posted $0.21 earnings per share. The firm’s revenue was down 9.6% on a year-over-year basis. As a group, analysts forecast that Gogo will post 0.38 EPS for the current year.

Insider Buying and Selling

In other Gogo news, Director Charles C. Townsend purchased 28,857 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were bought at an average cost of $9.03 per share, with a total value of $260,578.71. Following the acquisition, the director now owns 1,740,588 shares in the company, valued at $15,717,509.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Gogo news, Director Charles C. Townsend bought 28,857 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $9.03 per share, with a total value of $260,578.71. Following the completion of the acquisition, the director now owns 1,740,588 shares in the company, valued at approximately $15,717,509.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harris N. Williams bought 12,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average cost of $8.10 per share, with a total value of $97,200.00. Following the completion of the acquisition, the director now owns 20,990 shares of the company’s stock, valued at approximately $170,019. The disclosure for this purchase can be found here. 26.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Gogo

Several institutional investors have recently bought and sold shares of the business. Belpointe Asset Management LLC bought a new stake in shares of Gogo in the 1st quarter worth about $29,000. Great West Life Assurance Co. Can lifted its holdings in shares of Gogo by 41.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock worth $44,000 after acquiring an additional 633 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Gogo by 432.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company’s stock worth $39,000 after acquiring an additional 2,119 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Gogo by 76.6% in the 3rd quarter. Royal Bank of Canada now owns 3,069 shares of the technology company’s stock worth $37,000 after acquiring an additional 1,331 shares during the last quarter. Finally, UBS Group AG increased its stake in Gogo by 41.7% in the 3rd quarter. UBS Group AG now owns 4,033 shares of the technology company’s stock worth $49,000 after buying an additional 1,186 shares during the period. Institutional investors own 69.60% of the company’s stock.

Gogo Company Profile

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.