Gogo Inc. (NASDAQ:GOGO – Get Rating) – Equities researchers at William Blair cut their FY2023 earnings estimates for shares of Gogo in a research note issued to investors on Wednesday, June 15th. William Blair analyst L. Dipalma now anticipates that the technology company will post earnings per share of $0.81 for the year, down from their prior estimate of $0.88. The consensus estimate for Gogo’s current full-year earnings is $0.64 per share.
A number of other research firms have also issued reports on GOGO. TheStreet raised shares of Gogo from a “d” rating to a “c” rating in a research report on Tuesday, May 17th. Roth Capital raised their price target on shares of Gogo from $20.50 to $21.00 in a research report on Thursday, March 3rd. StockNews.com initiated coverage on shares of Gogo in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Gogo from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, March 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.00.
Gogo (NASDAQ:GOGO – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The technology company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.13 by $0.05. The firm had revenue of $92.75 million during the quarter, compared to analyst estimates of $89.52 million. Gogo had a net margin of 51.50% and a negative return on equity of 13.78%. Gogo’s revenue was up 25.6% on a year-over-year basis. During the same period last year, the firm posted ($0.07) EPS.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Gogo by 5.8% during the 4th quarter. BlackRock Inc. now owns 4,244,724 shares of the technology company’s stock worth $57,434,000 after acquiring an additional 234,276 shares during the period. Sycale Advisors NY LLC raised its holdings in Gogo by 162.5% in the 4th quarter. Sycale Advisors NY LLC now owns 2,376,231 shares of the technology company’s stock valued at $32,150,000 after buying an additional 1,470,974 shares during the period. Lord Abbett & CO. LLC raised its holdings in Gogo by 123.5% in the 1st quarter. Lord Abbett & CO. LLC now owns 2,359,778 shares of the technology company’s stock valued at $44,977,000 after buying an additional 1,303,853 shares during the period. William Blair Investment Management LLC raised its holdings in Gogo by 1.1% in the 4th quarter. William Blair Investment Management LLC now owns 2,214,952 shares of the technology company’s stock valued at $29,968,000 after buying an additional 23,896 shares during the period. Finally, Simcoe Capital Management LLC raised its holdings in Gogo by 150.6% in the 1st quarter. Simcoe Capital Management LLC now owns 2,037,475 shares of the technology company’s stock valued at $38,834,000 after buying an additional 1,224,513 shares during the period. Institutional investors and hedge funds own 71.42% of the company’s stock.
In other Gogo news, CAO Jessica Betjemann sold 8,000 shares of Gogo stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $19.81, for a total transaction of $158,480.00. Following the sale, the chief accounting officer now owns 25,528 shares of the company’s stock, valued at approximately $505,709.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Marguerite M. Elias sold 30,000 shares of Gogo stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $18.79, for a total transaction of $563,700.00. Following the sale, the executive vice president now directly owns 54,791 shares in the company, valued at approximately $1,029,522.89. The disclosure for this sale can be found here. Insiders own 32.55% of the company’s stock.
About Gogo (Get Rating)
Gogo Inc, through its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. It operates through Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA) segments. The company design, build and operate air-to-ground networks, engineer and maintain in-flight systems of proprietary hardware and software, and deliver customizable connectivity and wireless entertainment services.
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