Raymond James & Associates Sells 9,462 Shares of Gogo Inc. (NASDAQ:GOGO)

Raymond James & Associates cut its holdings in Gogo Inc. (NASDAQ:GOGO) by 12.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 64,052 shares of the technology company’s stock after selling 9,462 shares during the period. Raymond James & Associates’ holdings in Gogo were worth $649,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in GOGO. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Gogo by 52.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,344 shares of the technology company’s stock worth $123,000 after purchasing an additional 3,574 shares in the last quarter. Teza Capital Management LLC purchased a new stake in shares of Gogo in the third quarter worth $158,000. SG Americas Securities LLC purchased a new stake in shares of Gogo in the third quarter worth $177,000. Corton Capital Inc. increased its stake in shares of Gogo by 62.5% in the third quarter. Corton Capital Inc. now owns 17,400 shares of the technology company’s stock worth $208,000 after purchasing an additional 6,695 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Gogo by 31.4% in the third quarter. Van ECK Associates Corp now owns 26,794 shares of the technology company’s stock worth $320,000 after purchasing an additional 6,410 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GOGO has been the subject of several research analyst reports. Morgan Stanley cut their target price on shares of Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 16th. JPMorgan Chase & Co. initiated coverage on shares of Gogo in a research note on Thursday, February 29th. They set a “neutral” rating and a $11.00 target price for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.30.

Gogo Stock Performance

GOGO opened at $8.73 on Thursday. Gogo Inc. has a fifty-two week low of $7.53 and a fifty-two week high of $17.94. The company has a debt-to-equity ratio of 14.43, a quick ratio of 3.49 and a current ratio of 4.37. The company has a fifty day moving average of $8.65 and a 200 day moving average of $9.57. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 8.01 and a beta of 1.08.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, meeting the consensus estimate of $0.11. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The business had revenue of $97.81 million during the quarter, compared to analyst estimates of $96.56 million. During the same quarter last year, the business earned $0.21 earnings per share. Gogo’s quarterly revenue was down 9.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Gogo Inc. will post 0.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Gogo

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

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.