Gogo Inc. (NASDAQ:GOGO) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its stake in Gogo Inc. (NASDAQ:GOGO) by 36.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 305,997 shares of the technology company’s stock after selling 175,233 shares during the period. New York State Common Retirement Fund’s holdings in Gogo were worth $3,100,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Louisiana State Employees Retirement System acquired a new position in Gogo in the fourth quarter valued at approximately $313,000. LB Partners LLC purchased a new stake in Gogo during the fourth quarter worth $14,655,000. Ballentine Partners LLC acquired a new stake in Gogo during the fourth quarter valued at $140,000. Kennedy Capital Management LLC increased its holdings in Gogo by 21.9% in the third quarter. Kennedy Capital Management LLC now owns 538,046 shares of the technology company’s stock valued at $6,419,000 after buying an additional 96,775 shares in the last quarter. Finally, Hodges Capital Management Inc. acquired a new position in shares of Gogo in the third quarter worth about $358,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on GOGO shares. Morgan Stanley cut their price target on Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 16th. JPMorgan Chase & Co. began coverage on Gogo in a research report on Thursday, February 29th. They issued a “neutral” rating and a $11.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $15.30.

Gogo Stock Performance

NASDAQ GOGO opened at $9.41 on Tuesday. 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 Inc. has a 1-year low of $7.53 and a 1-year high of $17.94. The company has a market cap of $1.21 billion, a PE ratio of 8.63 and a beta of 1.04. The stock’s 50 day simple moving average is $8.64 and its 200-day simple moving average is $9.41.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. The company had revenue of $97.81 million for the quarter, compared to analyst estimates of $96.56 million. During the same quarter last year, the firm posted $0.21 EPS. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. As a group, equities research analysts anticipate that Gogo Inc. will post 0.36 EPS for the current fiscal year.

Insider Activity

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

Gogo Company Profile

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.