Morgan Stanley Cuts Gogo (NASDAQ:GOGO) Price Target to $12.00

Gogo (NASDAQ:GOGO) had its target price cut by Morgan Stanley from $15.00 to $12.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

Separately, JPMorgan Chase & Co. started coverage on Gogo in a research note on Thursday, February 29th. They set a neutral rating and a $11.00 price objective on the stock. Three equities 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.com, the stock currently has a consensus rating of Hold and an average price target of $15.30.

Gogo Trading Down 0.2 %

NASDAQ GOGO opened at $8.35 on Tuesday. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 7.66 and a beta of 1.08. The stock’s 50 day moving average price is $8.77 and its two-hundred day moving average price is $9.67. The company has a debt-to-equity ratio of 14.43, a quick ratio of 3.49 and a current ratio of 4.37. Gogo has a 52 week low of $7.53 and a 52 week high of $17.94.

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

Insider Transactions at Gogo

In related news, Director Harris N. Williams acquired 12,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were bought at an average price of $8.10 per share, for a total transaction of $97,200.00. Following the purchase, the director now directly owns 20,990 shares in the company, valued at approximately $170,019. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Gogo news, 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 acquired at an average cost of $9.03 per share, with a total value 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harris N. Williams bought 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of $8.10 per share, for a total transaction of $97,200.00. Following the completion of 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. Company insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GOGO. Belpointe Asset Management LLC acquired a new position in shares of Gogo during the 1st quarter worth approximately $29,000. Royal Bank of Canada grew its holdings in Gogo by 76.6% in the 3rd quarter. Royal Bank of Canada now owns 3,069 shares of the technology company’s stock valued at $37,000 after buying an additional 1,331 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Gogo by 432.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company’s stock valued at $39,000 after buying an additional 2,119 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in Gogo by 41.0% in 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 buying an additional 633 shares in the last quarter. Finally, UBS Group AG grew its holdings in Gogo by 41.7% in the 3rd quarter. UBS Group AG now owns 4,033 shares of the technology company’s stock valued at $49,000 after buying an additional 1,186 shares in the last quarter. 69.60% of the stock is owned by institutional investors and hedge funds.

About Gogo

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.