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

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

Separately, JPMorgan Chase & Co. assumed coverage on shares of Gogo in a research report on Thursday, February 29th. They set a neutral rating and a $11.00 price target for the company. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $15.30.

Gogo Stock Up 1.6 %

GOGO opened at $8.37 on Tuesday. The company has a fifty day moving average price of $8.80 and a 200-day moving average price of $9.68. The firm has a market capitalization of $1.07 billion, a P/E ratio of 7.68 and a beta of 1.08. 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 has a one year low of $7.53 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. The firm had revenue of $97.81 million during the quarter, compared to analyst estimates of $96.56 million. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.21 EPS. Equities research analysts expect that Gogo will post 0.36 earnings per share for the current fiscal year.

Insider Transactions at Gogo

In related news, Director Charles C. Townsend acquired 28,857 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was bought 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 approximately $15,717,509.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Charles C. Townsend acquired 28,857 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was bought 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 approximately $15,717,509.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harris N. Williams purchased 12,000 shares of the stock in a transaction on Thursday, February 29th. The stock was acquired at an average cost of $8.10 per share, with a total value of $97,200.00. Following the completion of the purchase, the director now directly owns 20,990 shares of the company’s stock, valued at $170,019. The disclosure for this purchase can be found here. 26.00% of the stock is currently owned by insiders.

Institutional Trading of Gogo

Several hedge funds have recently added to or reduced their stakes in the business. Great West Life Assurance Co. Can lifted its stake in Gogo by 41.0% in the first quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock worth $44,000 after purchasing an additional 633 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Gogo by 1.1% in the third quarter. Thrivent Financial for Lutherans now owns 67,844 shares of the technology company’s stock worth $822,000 after purchasing an additional 721 shares during the last quarter. AQR Capital Management LLC lifted its stake in Gogo by 7.5% in the third quarter. AQR Capital Management LLC now owns 14,913 shares of the technology company’s stock worth $178,000 after purchasing an additional 1,035 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Gogo by 2.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 43,731 shares of the technology company’s stock valued at $443,000 after acquiring an additional 1,042 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Gogo by 5.4% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 22,437 shares of the technology company’s stock valued at $382,000 after acquiring an additional 1,152 shares during the last quarter. 69.60% of the stock is owned by institutional investors.

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.