Vanguard Group Inc. Grows Stake in Gogo Inc. $GOGO

Key Points

• Vanguard Group Inc. increased its stake in Gogo Inc. by 9.3% during the first quarter, now holding approximately 5.7 million shares, valued at about $49 million.
• CEO Christopher John Moore bought 10,000 shares of Gogo at an average cost of $12.11 per share, while EVP Michael Begler sold 107,136 shares at an average price of $15.00.
• Recent ratings by analysts indicate a consensus of a "Moderate Buy" for Gogo, with target prices ranging from $15.00 to $16.50 per share.

Vanguard Group Inc. boosted its holdings in Gogo Inc. (NASDAQ:GOGO - Free Report) by 9.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,695,358 shares of the technology company's stock after buying an additional 485,145 shares during the quarter. Vanguard Group Inc. owned approximately 4.31% of Gogo worth $49,094,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in shares of Gogo by 69.6% during the 4th quarter. Brighton Jones LLC now owns 17,000 shares of the technology company's stock worth $138,000 after purchasing an additional 6,978 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Gogo by 47.8% in the 4th quarter. Wells Fargo & Company MN now owns 38,034 shares of the technology company's stock worth $308,000 after buying an additional 12,309 shares during the last quarter. Barclays PLC grew its position in shares of Gogo by 8.1% during the fourth quarter. Barclays PLC now owns 118,919 shares of the technology company's stock worth $961,000 after acquiring an additional 8,960 shares during the last quarter. Mariner LLC bought a new stake in shares of Gogo during the fourth quarter valued at about $124,000. Finally, Marshall Wace LLP raised its holdings in Gogo by 285.4% during the 4th quarter. Marshall Wace LLP now owns 65,139 shares of the technology company's stock worth $527,000 after buying an additional 48,239 shares during the period. Hedge funds and other institutional investors own 69.60% of the company's stock.

Analyst Upgrades and Downgrades

GOGO has been the subject of several recent research reports. Wall Street Zen cut Gogo from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Roth Capital set a $16.50 price target on Gogo and gave the company a "buy" rating in a research note on Wednesday, June 18th. Finally, Morgan Stanley began coverage on shares of Gogo in a report on Thursday, August 14th. They set an "equal weight" rating and a $15.00 price target for the company. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.83.

Insiders Place Their Bets

In other news, EVP Michael Begler sold 107,136 shares of the stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $15.00, for a total value of $1,607,040.00. Following the completion of the sale, the executive vice president directly owned 14,454 shares of the company's stock, valued at $216,810. This represents a 88.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Christopher John Moore bought 10,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $12.11 per share, with a total value of $121,100.00. Following the completion of the acquisition, the chief executive officer owned 10,000 shares of the company's stock, valued at $121,100. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 25.78% of the company's stock.

Gogo Trading Up 0.1%

GOGO stock traded up $0.01 on Friday, reaching $10.98. The company's stock had a trading volume of 1,387,438 shares, compared to its average volume of 2,026,158. The firm has a market cap of $1.47 billion, a PE ratio of 274.50 and a beta of 1.11. The business has a fifty day simple moving average of $14.24 and a two-hundred day simple moving average of $10.78. Gogo Inc. has a 12-month low of $6.17 and a 12-month high of $16.82. The company has a debt-to-equity ratio of 8.10, a quick ratio of 1.32 and a current ratio of 1.71.

Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.01. The business had revenue of $226.04 million during the quarter, compared to analysts' expectations of $220.12 million. Gogo had a return on equity of 88.04% and a net margin of 1.05%.The firm's quarterly revenue was up 121.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.01 earnings per share. Gogo has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Gogo Inc. will post 0.41 EPS for the current year.

Gogo 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.