Raymond James & Associates Cuts Stake in Gogo Inc. (NASDAQ:GOGO)

Raymond James & Associates trimmed its position in shares of Gogo Inc. (NASDAQ:GOGO) by 14.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 80,582 shares of the technology company’s stock after selling 13,784 shares during the quarter. Raymond James & Associates owned about 0.06% of Gogo worth $1,371,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GOGO. Belpointe Asset Management LLC purchased a new stake in Gogo during the 1st quarter valued at about $29,000. Royal Bank of Canada grew its position in Gogo by 76.6% during the 3rd quarter. Royal Bank of Canada now owns 3,069 shares of the technology company’s stock valued at $37,000 after purchasing an additional 1,331 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Gogo by 432.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company’s stock valued at $39,000 after acquiring an additional 2,119 shares during the period. Great West Life Assurance Co. Can lifted its stake in Gogo by 41.0% during 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 acquiring an additional 633 shares during the period. Finally, UBS Group AG lifted its stake in Gogo by 41.7% during the 3rd quarter. UBS Group AG now owns 4,033 shares of the technology company’s stock valued at $49,000 after acquiring an additional 1,186 shares during the period. 66.88% of the stock is owned by hedge funds and other institutional investors.

Gogo Price Performance

NASDAQ GOGO opened at $10.69 on Friday. Gogo Inc. has a 12 month low of $10.39 and a 12 month high of $17.94. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 9.06 and a beta of 1.44. The company’s 50 day moving average is $11.59 and its two-hundred day moving average is $13.82. The company has a current ratio of 4.11, a quick ratio of 3.15 and a debt-to-equity ratio of 64.05.

Gogo (NASDAQ:GOGO) last released its earnings results on Monday, August 7th. The technology company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. Gogo had a net margin of 38.08% and a negative return on equity of 124.37%. The company had revenue of $103.22 million for the quarter, compared to analysts’ expectations of $103.25 million. As a group, research analysts anticipate that Gogo Inc. will post 0.64 earnings per share for the current year.

Wall Street Analyst Weigh In

GOGO has been the topic of several research analyst reports. TD Cowen lowered their target price on shares of Gogo from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Monday, August 14th. Northland Securities lowered their price objective on shares of Gogo from $16.00 to $14.00 in a research note on Tuesday, August 8th. StockNews.com initiated coverage on shares of Gogo in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. TheStreet cut shares of Gogo from a “b-” rating to a “c+” rating in a research note on Thursday, August 24th. Finally, Roth Mkm lowered their price objective on shares of Gogo from $22.50 to $19.50 and set a “buy” rating on the stock in a research note on Tuesday, August 8th.

Gogo Profile

Gogo Inc, through its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company operates through Commercial Aviation-North America, Commercial Aviation-Rest of World, and Business Aviation segments. Its platform include networks, antennas, and airborne equipment and software.