Valinor Management L.P. lowered its position in shares of Gogo Inc. (NASDAQ:GOGO) by 23.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,605,999 shares of the technology company’s stock after selling 806,043 shares during the period. Valinor Management L.P. owned approximately 3.02% of Gogo worth $28,666,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the stock. Stoneridge Investment Partners LLC purchased a new position in shares of Gogo during the first quarter worth approximately $240,000. First Midwest Bank Trust Division boosted its position in shares of Gogo by 341.0% in the first quarter. First Midwest Bank Trust Division now owns 148,332 shares of the technology company’s stock worth $1,632,000 after buying an additional 114,699 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Gogo by 21,231.4% in the first quarter. Bank of Montreal Can now owns 100,471 shares of the technology company’s stock worth $1,105,000 after buying an additional 100,000 shares during the last quarter. Searle & CO. purchased a new position in shares of Gogo during the fourth quarter worth approximately $101,000. Finally, Teachers Advisors LLC boosted its position in shares of Gogo by 4.2% in the fourth quarter. Teachers Advisors LLC now owns 90,045 shares of the technology company’s stock worth $830,000 after buying an additional 3,628 shares during the last quarter. 64.62% of the stock is owned by institutional investors and hedge funds.
Gogo Inc. (NASDAQ GOGO) traded down 1.15% during midday trading on Tuesday, hitting $12.00. The stock had a trading volume of 653,066 shares. The firm’s market cap is $1.04 billion. Gogo Inc. has a 12-month low of $7.80 and a 12-month high of $13.69. The stock has a 50-day moving average price of $12.47 and a 200 day moving average price of $10.85.
Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, May 4th. The technology company reported ($0.52) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.52). The firm had revenue of $165.41 million during the quarter, compared to analysts’ expectations of $160.04 million. Gogo had a negative net margin of 22.86% and a negative return on equity of 441.18%. Gogo’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.31) EPS. On average, equities analysts anticipate that Gogo Inc. will post ($1.93) earnings per share for the current fiscal year.
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A number of equities analysts have commented on the company. Dougherty & Co increased their target price on Gogo from $17.50 to $19.00 and gave the company a “buy” rating in a report on Sunday, May 7th. Raymond James Financial, Inc. assumed coverage on Gogo in a report on Wednesday, May 31st. They set an “outperform” rating and a $15.00 target price for the company. Zacks Investment Research raised Gogo from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a report on Wednesday, May 3rd. Finally, ValuEngine raised Gogo from a “sell” rating to a “hold” rating in a report on Tuesday, June 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $14.71.
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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