Gogo (NASDAQ:GOGO) Price Target Cut to $12.00

Gogo (NASDAQ:GOGO) had its price objective lowered by equities research analysts at Morgan Stanley from $15.00 to $12.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s target price would suggest a potential upside of 45.63% from the stock’s previous close.

Separately, JPMorgan Chase & Co. initiated coverage on shares of Gogo in a research note on Thursday, February 29th. They issued a “neutral” rating and a $11.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Gogo has a consensus rating of “Hold” and a consensus target price of $15.30.

Gogo Price Performance

Shares of GOGO stock opened at $8.24 on Tuesday. The company has a debt-to-equity ratio of 14.43, a current ratio of 4.37 and a quick ratio of 3.49. The company has a market capitalization of $1.06 billion, a P/E ratio of 7.56 and a beta of 1.08. The company’s 50-day simple moving average is $8.83 and its two-hundred day simple moving average is $9.69. Gogo has a one year low of $7.53 and a one year high of $17.94.

Gogo (NASDAQ:GOGO) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates of $0.11. The business had revenue of $97.81 million for the quarter, compared to the consensus estimate of $96.56 million. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 EPS. As a group, equities analysts anticipate that Gogo will post 0.38 EPS for the current year.

Insider Transactions at Gogo

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

Institutional Investors Weigh In On Gogo

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Tealwood Asset Management Inc. lifted its position in Gogo by 95.6% during the first quarter. Tealwood Asset Management Inc. now owns 122,246 shares of the technology company’s stock valued at $1,073,000 after acquiring an additional 59,750 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Gogo by 1.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 155,811 shares of the technology company’s stock valued at $1,578,000 after acquiring an additional 1,743 shares during the last quarter. Virtu Financial LLC purchased a new stake in Gogo during the fourth quarter valued at approximately $166,000. Price T Rowe Associates Inc. MD lifted its position in Gogo by 2.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 43,731 shares of the technology company’s stock valued at $443,000 after acquiring an additional 1,042 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Gogo during the fourth quarter valued at approximately $606,000. Hedge funds and other institutional investors 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.