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

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

Separately, JPMorgan Chase & Co. assumed coverage on Gogo in a report on Thursday, February 29th. They issued a neutral rating and a $11.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $15.30.

Gogo Price Performance

GOGO stock opened at $8.12 on Tuesday. Gogo has a one year low of $7.53 and a one year high of $17.94. The company has a debt-to-equity ratio of 14.43, a quick ratio of 3.49 and a current ratio of 4.37. The firm’s fifty day moving average is $8.86 and its 200 day moving average is $9.72. The firm has a market cap of $1.04 billion, a PE ratio of 7.45 and a beta of 1.08.

Gogo (NASDAQ:GOGO) last posted its earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.11. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The business had revenue of $97.81 million for the quarter, compared to analyst estimates of $96.56 million. During the same period in the prior year, the company posted $0.21 EPS. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, research analysts forecast that Gogo will post 0.38 EPS for the current year.

Insider Transactions at Gogo

In related news, Director Charles C. Townsend purchased 28,857 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were purchased at an average cost of $9.03 per share, with a total value of $260,578.71. Following the purchase, the director now owns 1,740,588 shares of the company’s stock, valued at approximately $15,717,509.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Charles C. Townsend purchased 28,857 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $9.03 per share, for a total transaction of $260,578.71. Following the completion of the transaction, the director now owns 1,740,588 shares of the company’s stock, valued at $15,717,509.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harris N. Williams acquired 12,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was purchased at an average price of $8.10 per share, for a total transaction of $97,200.00. Following the acquisition, the director now directly owns 20,990 shares in the company, valued at approximately $170,019. The disclosure for this purchase can be found here. Corporate insiders own 26.00% of the company’s stock.

Institutional Trading of Gogo

Large investors have recently bought and sold shares of the business. Belpointe Asset Management LLC purchased a new position in Gogo in the 1st quarter worth approximately $29,000. Royal Bank of Canada lifted its position in Gogo by 76.6% during the third quarter. Royal Bank of Canada now owns 3,069 shares of the technology company’s stock worth $37,000 after buying an additional 1,331 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Gogo by 432.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company’s stock worth $39,000 after buying an additional 2,119 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in Gogo by 41.0% in 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 buying an additional 633 shares in the last quarter. Finally, UBS Group AG increased its stake in shares of Gogo by 41.7% in the 3rd quarter. UBS Group AG now owns 4,033 shares of the technology company’s stock worth $49,000 after acquiring an additional 1,186 shares during the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

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.