Bank of America Corp DE lowered its holdings in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 72.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 71,574 shares of the technology company's stock after selling 183,807 shares during the period. Bank of America Corp DE owned about 0.06% of Gogo worth $579,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in shares of Gogo by 69.6% during the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company's stock valued at $138,000 after purchasing an additional 6,978 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Gogo by 256.1% during the fourth quarter. Van ECK Associates Corp now owns 154,706 shares of the technology company's stock valued at $1,252,000 after purchasing an additional 111,267 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Gogo by 1.9% during the fourth quarter. Principal Financial Group Inc. now owns 287,890 shares of the technology company's stock valued at $2,329,000 after purchasing an additional 5,420 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Gogo by 506.8% during the fourth quarter. Victory Capital Management Inc. now owns 66,323 shares of the technology company's stock valued at $537,000 after purchasing an additional 55,393 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new stake in shares of Gogo during the fourth quarter valued at about $310,000. Institutional investors and hedge funds own 69.60% of the company's stock.
Analysts Set New Price Targets
A number of research firms have commented on GOGO. Roth Mkm reduced their price target on Gogo from $15.50 to $13.00 and set a "buy" rating on the stock in a research report on Monday, March 17th. Wall Street Zen upgraded Gogo from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd.
View Our Latest Report on GOGO
Insider Transactions at Gogo
In related news, Director Oakleigh Thorne acquired 30,173 shares of the stock in a transaction dated Monday, March 17th. The stock was purchased at an average cost of $6.57 per share, with a total value of $198,236.61. Following the completion of the purchase, the director now directly owns 711,341 shares in the company, valued at $4,673,510.37. This trade represents a 4.43% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $11.00, for a total value of $93,500,000.00. Following the completion of the sale, the director now directly owns 4,174,482 shares of the company's stock, valued at approximately $45,919,302. This trade represents a 67.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 25.78% of the company's stock.
Gogo Trading Up 0.4%
Shares of Gogo stock traded up $0.05 on Friday, hitting $12.09. 1,175,436 shares of the company's stock traded hands, compared to its average volume of 1,368,227. Gogo Inc. has a one year low of $6.17 and a one year high of $13.16. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. The company has a fifty day moving average of $9.52 and a two-hundred day moving average of $8.40. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 28.12 and a beta of 0.99.
Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.13. The business had revenue of $230.31 million for the quarter, compared to analyst estimates of $214.93 million. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The company's quarterly revenue was up 120.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 earnings per share. As a group, sell-side analysts expect that Gogo Inc. will post 0.41 earnings per share for the current year.
Gogo Company Profile
(
Free Report)
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.
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