State Board of Administration of Florida Retirement System Sells 5,770 Shares of Gogo Inc. (NASDAQ:GOGO)

State Board of Administration of Florida Retirement System decreased its position in Gogo Inc. (NASDAQ:GOGO – Get Rating) by 21.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,320 shares of the technology company’s stock after selling 5,770 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Gogo were worth $315,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GOGO. New York State Common Retirement Fund raised its position in shares of Gogo by 16.3% during the third quarter. New York State Common Retirement Fund now owns 469,276 shares of the technology company’s stock worth $5,688,000 after purchasing an additional 65,609 shares during the period. Fox Run Management L.L.C. bought a new position in shares of Gogo during the third quarter worth about $196,000. Tealwood Asset Management Inc. grew its holdings in shares of Gogo by 46.7% during the third quarter. Tealwood Asset Management Inc. now owns 144,713 shares of the technology company’s stock worth $1,754,000 after buying an additional 46,063 shares in the last quarter. Capco Asset Management LLC grew its holdings in shares of Gogo by 0.5% during the third quarter. Capco Asset Management LLC now owns 1,293,652 shares of the technology company’s stock worth $15,679,000 after buying an additional 6,823 shares in the last quarter. Finally, NewGen Asset Management Ltd bought a new position in shares of Gogo during the third quarter worth about $606,000. Institutional investors and hedge funds own 64.41% of the company’s stock.

Gogo Stock Performance

Gogo stock opened at $14.26 on Monday. Gogo Inc. has a 52 week low of $11.57 and a 52 week high of $21.78. The stock has a market capitalization of $1.83 billion, a P/E ratio of 20.97 and a beta of 1.28. The stock has a fifty day moving average of $13.94 and a 200-day moving average of $15.01.

Gogo (NASDAQ:GOGO – Get Rating) last issued its quarterly earnings data on Wednesday, May 3rd. The technology company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Gogo had a negative return on equity of 77.87% and a net margin of 22.03%. The business had revenue of $98.60 million for the quarter, compared to analyst estimates of $101.26 million. During the same quarter in the previous year, the company posted $0.18 EPS. Gogo’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, research analysts forecast that Gogo Inc. will post 0.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on Gogo in a research note on Thursday. They set a “hold” rating for the company.

About Gogo

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Gogo, Inc engages in the provision of broadband connectivity services for the business aviation market. The company was founded by Jimmy Ray in 1991 and is headquartered in Broomfield, CO.