Morgan Stanley Trims Gogo (NASDAQ:GOGO) Target Price to $12.00

Gogo (NASDAQ:GOGO - Free Report) had its price objective decreased by Morgan Stanley from $15.00 to $12.00 in a report released on Tuesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology company's stock.

Separately, JPMorgan Chase & Co. initiated coverage on Gogo in a research report on Thursday, February 29th. They issued a neutral rating and a $11.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $15.30.

Gogo Price Performance

Shares of GOGO stock remained flat at $8.12 during trading on Tuesday. The company had a trading volume of 1,317,399 shares, compared to its average volume of 947,347. The stock has a 50 day moving average price of $8.86 and a 200 day moving average price of $9.72. The company has a quick ratio of 3.49, a current ratio of 4.37 and a debt-to-equity ratio of 14.43. Gogo has a 1-year low of $7.53 and a 1-year high of $17.94. The firm has a market cap of $1.04 billion, a P/E ratio of 7.45 and a beta of 1.08.

Gogo (NASDAQ:GOGO - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, hitting the consensus estimate of $0.11. The company had revenue of $97.81 million for the quarter, compared to the consensus estimate of $96.56 million. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. The company's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.21 EPS. Analysts forecast that Gogo will post 0.38 earnings per share for the current year.

Insider Activity

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

Institutional Trading of Gogo

Institutional investors have recently bought and sold shares of the stock. Belpointe Asset Management LLC acquired a new stake in Gogo in the 1st quarter valued at $29,000. Great West Life Assurance Co. Can boosted its stake in Gogo by 41.0% in the first quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company's stock worth $44,000 after purchasing an additional 633 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Gogo by 432.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company's stock worth $39,000 after purchasing an additional 2,119 shares in the last quarter. Royal Bank of Canada boosted its stake in Gogo by 76.6% in the third quarter. Royal Bank of Canada now owns 3,069 shares of the technology company's stock worth $37,000 after purchasing an additional 1,331 shares in the last quarter. Finally, UBS Group AG boosted its stake in Gogo by 41.7% in the third quarter. UBS Group AG now owns 4,033 shares of the technology company's stock worth $49,000 after purchasing an additional 1,186 shares in the last quarter. Institutional investors and hedge funds 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.