Renaissance Technologies LLC Grows Holdings in Gogo Inc. (NASDAQ:GOGO)

Renaissance Technologies LLC boosted its stake in Gogo Inc. (NASDAQ:GOGO) by 113.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 766,100 shares of the technology company’s stock after purchasing an additional 407,800 shares during the period. Renaissance Technologies LLC owned about 0.61% of Gogo worth $6,198,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Gogo by 2.1% during the 3rd quarter. State Street Corp now owns 2,461,691 shares of the technology company’s stock worth $17,675,000 after acquiring an additional 51,681 shares in the last quarter. Barclays PLC grew its holdings in shares of Gogo by 357.5% in the third quarter. Barclays PLC now owns 109,959 shares of the technology company’s stock valued at $789,000 after purchasing an additional 85,925 shares in the last quarter. Virtu Financial LLC purchased a new stake in Gogo during the 3rd quarter worth approximately $169,000. SG Americas Securities LLC lifted its holdings in Gogo by 25.4% during the 4th quarter. SG Americas Securities LLC now owns 35,333 shares of the technology company’s stock worth $286,000 after buying an additional 7,156 shares in the last quarter. Finally, Brighton Jones LLC grew its stake in shares of Gogo by 69.6% in the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock worth $138,000 after acquiring an additional 6,978 shares in the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Insider Buying and Selling

In other Gogo news, Director Oakleigh Thorne bought 30,173 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was acquired at an average price of $6.57 per share, for a total transaction of $198,236.61. Following the completion of the purchase, the director now owns 711,341 shares of the company’s stock, valued at approximately $4,673,510.37. This represents a 4.43 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 26.00% of the stock is owned by company insiders.

Gogo Price Performance

Shares of NASDAQ:GOGO opened at $6.97 on Friday. Gogo Inc. has a 12 month low of $6.17 and a 12 month high of $11.00. The firm has a market capitalization of $915.51 million, a P/E ratio of 16.21 and a beta of 0.60. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. The company’s fifty day moving average price is $7.55 and its 200 day moving average price is $7.63.

Gogo (NASDAQ:GOGO) last announced its earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The firm had revenue of $137.80 million during the quarter, compared to analysts’ expectations of $97.80 million. During the same period in the prior year, the firm earned $0.11 EPS. The business’s revenue was up 40.9% on a year-over-year basis. As a group, sell-side analysts predict that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on GOGO shares. Roth Mkm lowered their target price on Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research note on Monday, March 17th. StockNews.com lowered shares of Gogo from a “hold” rating to a “sell” rating in a report on Monday, March 17th.

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.