Laurus Investment Counsel Inc. Cuts Stock Position in Gogo Inc. (NASDAQ:GOGO)

Laurus Investment Counsel Inc. reduced its position in Gogo Inc. (NASDAQ:GOGO) by 3.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 206,550 shares of the technology company’s stock after selling 6,910 shares during the quarter. Gogo makes up 1.0% of Laurus Investment Counsel Inc.’s holdings, making the stock its 26th biggest holding. Laurus Investment Counsel Inc.’s holdings in Gogo were worth $2,092,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Belpointe Asset Management LLC purchased a new stake in Gogo during the 1st quarter valued at about $29,000. Pinebridge Investments L.P. purchased a new stake in Gogo during the 2nd quarter valued at about $31,000. Royal Bank of Canada boosted its holdings in Gogo by 76.6% during the 3rd quarter. Royal Bank of Canada now owns 3,069 shares of the technology company’s stock valued at $37,000 after acquiring an additional 1,331 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Gogo by 432.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company’s stock valued at $39,000 after acquiring an additional 2,119 shares during the period. Finally, Great West Life Assurance Co. Can boosted its holdings in Gogo by 41.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock valued at $44,000 after acquiring an additional 633 shares during the period. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Gogo

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

Gogo Trading Up 4.1 %

GOGO opened at $8.67 on Thursday. The business has a 50 day simple moving average of $8.98 and a two-hundred day simple moving average of $10.06. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 7.95 and a beta of 1.07. The company has a debt-to-equity ratio of 14.43, a current ratio of 4.37 and a quick ratio of 3.49. Gogo Inc. has a one year low of $7.76 and a one year high of $17.94.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, meeting analysts’ consensus estimates of $0.11. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. The business had revenue of $97.81 million during the quarter, compared to analyst estimates of $96.56 million. During the same quarter in the prior year, the company posted $0.21 EPS. Gogo’s quarterly revenue was down 9.6% compared to the same quarter last year. Analysts predict that Gogo Inc. will post 0.38 EPS for the current year.

Analysts Set New Price Targets

GOGO has been the subject of several analyst reports. JPMorgan Chase & Co. initiated coverage on Gogo in a report on Thursday, February 29th. They set a “neutral” rating and a $11.00 target price for the company. Roth Mkm dropped their target price on Gogo from $18.75 to $17.50 and set a “buy” rating for the company in a report on Tuesday, December 12th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.13.

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.