Zacks Investment Research upgraded shares of Gogo Inc. (NASDAQ:GOGO) from a sell rating to a hold rating in a research note published on Monday morning.
According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “
A number of other research analysts have also issued reports on GOGO. Dougherty & Co boosted their target price on Gogo from $16.00 to $17.50 and gave the company a buy rating in a report on Monday, May 1st. UBS AG reissued a buy rating and issued a $15.00 target price (up previously from $14.00) on shares of Gogo in a report on Friday, May 5th. Raymond James Financial, Inc. initiated coverage on Gogo in a report on Wednesday, May 31st. They issued an outperform rating and a $15.00 target price on the stock. ValuEngine raised Gogo from a sell rating to a hold rating in a report on Tuesday, June 6th. Finally, BidaskClub lowered Gogo from a hold rating to a sell rating in a report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $14.75.
Shares of Gogo (GOGO) opened at 12.07 on Monday. Gogo has a 52 week low of $8.20 and a 52 week high of $13.69. The stock’s 50 day moving average is $11.70 and its 200-day moving average is $11.21. The firm’s market cap is $1.04 billion.
Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, May 4th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.52). The company had revenue of $165.41 million during the quarter, compared to analyst estimates of $160.04 million. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.31) EPS. On average, equities analysts predict that Gogo will post ($1.94) EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Gogo by 2.1% in the first quarter. Vanguard Group Inc. now owns 4,488,838 shares of the technology company’s stock worth $49,378,000 after buying an additional 91,297 shares in the last quarter. Hodges Capital Management Inc. raised its position in shares of Gogo by 47.0% in the first quarter. Hodges Capital Management Inc. now owns 4,109,815 shares of the technology company’s stock worth $45,208,000 after buying an additional 1,314,245 shares in the last quarter. Elk Creek Partners LLC raised its position in shares of Gogo by 2.0% in the first quarter. Elk Creek Partners LLC now owns 1,779,289 shares of the technology company’s stock worth $19,572,000 after buying an additional 35,659 shares in the last quarter. Gamco Investors INC. ET AL raised its position in shares of Gogo by 9.0% in the first quarter. Gamco Investors INC. ET AL now owns 1,002,700 shares of the technology company’s stock worth $11,030,000 after buying an additional 82,600 shares in the last quarter. Finally, State Street Corp raised its position in shares of Gogo by 5.4% in the fourth quarter. State Street Corp now owns 993,673 shares of the technology company’s stock worth $9,160,000 after buying an additional 51,032 shares in the last quarter. 64.62% of the stock is currently owned by hedge funds and other institutional investors.
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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