Royce & Associates LP Acquires 550,519 Shares of Gogo Inc. (NASDAQ:GOGO)

Royce & Associates LP grew its holdings in shares of Gogo Inc. (NASDAQ:GOGO) by 364.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 701,374 shares of the technology company’s stock after acquiring an additional 550,519 shares during the period. Royce & Associates LP’s holdings in Gogo were worth $6,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of Gogo by 532.9% during the 1st quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company’s stock valued at $31,000 after buying an additional 3,027 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of Gogo during the 4th quarter valued at $43,000. State of Wyoming purchased a new position in shares of Gogo during the 4th quarter valued at $57,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Gogo during the 1st quarter valued at $111,000. Finally, Teza Capital Management LLC purchased a new position in shares of Gogo during the 4th quarter valued at $110,000. Institutional investors own 69.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GOGO shares. Roth Capital set a $16.50 target price on shares of Gogo and gave the company a “buy” rating in a research note on Wednesday, June 18th. Wall Street Zen upgraded shares of Gogo from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Gogo currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.63.

Insider Buying and Selling

In related news, EVP Michael Begler sold 107,136 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $15.00, for a total transaction of $1,607,040.00. Following the completion of the sale, the executive vice president owned 14,454 shares of the company’s stock, valued at $216,810. This represents a 88.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $11.00, for a total transaction of $93,500,000.00. Following the sale, the director directly owned 4,174,482 shares of the company’s stock, valued at $45,919,302. The trade was a 67.06% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 25.78% of the company’s stock.

Gogo Price Performance

Shares of GOGO stock opened at $15.78 on Friday. The company has a debt-to-equity ratio of 10.03, a current ratio of 1.84 and a quick ratio of 1.36. The company has a market capitalization of $2.09 billion, a P/E ratio of -394.50 and a beta of 1.06. The company’s 50-day simple moving average is $13.61 and its two-hundred day simple moving average is $9.92. Gogo Inc. has a one year low of $6.17 and a one year high of $16.61.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Friday, May 9th. The technology company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.13. Gogo had a negative net margin of 0.82% and a positive return on equity of 95.01%. The firm had revenue of $230.31 million for the quarter, compared to the consensus estimate of $214.93 million. During the same period last year, the firm earned $0.23 earnings per share. The company’s quarterly revenue was up 120.8% on a year-over-year basis. As a group, equities analysts anticipate that Gogo Inc. will post 0.41 EPS for the current year.

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.