William Blair Investment Management LLC Lowers Position in Gogo Inc. $GOGO

William Blair Investment Management LLC decreased its holdings in shares of Gogo Inc. (NASDAQ:GOGO) by 99.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,223 shares of the technology company’s stock after selling 6,041,440 shares during the period. William Blair Investment Management LLC’s holdings in Gogo were worth $122,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State of Wyoming purchased a new stake in shares of Gogo in the 3rd quarter valued at about $32,000. Quarry LP grew its holdings in shares of Gogo by 86.1% during the third quarter. Quarry LP now owns 7,171 shares of the technology company’s stock worth $62,000 after purchasing an additional 3,318 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Gogo by 300.1% in the second quarter. Tower Research Capital LLC TRC now owns 8,163 shares of the technology company’s stock worth $120,000 after purchasing an additional 6,123 shares during the last quarter. Focus Partners Wealth bought a new position in shares of Gogo in the third quarter worth approximately $72,000. Finally, Versor Investments LP purchased a new stake in Gogo in the third quarter valued at approximately $86,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GOGO has been the subject of a number of research reports. Roth Mkm set a $12.00 price target on shares of Gogo in a research note on Thursday, May 7th. Morgan Stanley lowered their price objective on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 21st. Finally, Weiss Ratings raised shares of Gogo from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Gogo has an average rating of “Hold” and a consensus price target of $9.50.

Insiders Place Their Bets

In other Gogo news, Director Charles C. Townsend purchased 158,591 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was acquired at an average cost of $4.57 per share, for a total transaction of $724,760.87. Following the completion of the transaction, the director directly owned 418,686 shares in the company, valued at approximately $1,913,395.02. This represents a 60.97% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 25.60% of the stock is owned by corporate insiders.

Gogo Trading Up 2.5%

GOGO stock opened at $4.44 on Wednesday. The company has a market capitalization of $600.46 million, a PE ratio of 40.36 and a beta of 1.06. The company has a debt-to-equity ratio of 6.89, a quick ratio of 1.27 and a current ratio of 1.66. Gogo Inc. has a one year low of $3.81 and a one year high of $16.82. The company’s 50 day moving average price is $4.32 and its two-hundred day moving average price is $4.93.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Friday, February 27th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). Gogo had a net margin of 1.54% and a return on equity of 37.53%. The business had revenue of $230.56 million during the quarter, compared to analysts’ expectations of $222.65 million. During the same period last year, the company posted ($0.22) EPS. Gogo’s revenue for the quarter was up 67.3% on a year-over-year basis. As a group, analysts predict that Gogo Inc. will post 0.28 earnings per share for the current fiscal year.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.