Bank of New York Mellon Corp Sells 96,418 Shares of Gogo Inc. (NASDAQ:GOGO)

Bank of New York Mellon Corp trimmed its holdings in shares of Gogo Inc. (NASDAQ:GOGO) by 17.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 456,350 shares of the technology company’s stock after selling 96,418 shares during the period. Bank of New York Mellon Corp owned 0.36% of Gogo worth $3,692,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. FMR LLC raised its position in shares of Gogo by 13.5% during the 3rd quarter. FMR LLC now owns 5,653,036 shares of the technology company’s stock valued at $40,589,000 after acquiring an additional 673,315 shares during the last quarter. State Street Corp increased its holdings in Gogo by 2.1% in the third quarter. State Street Corp now owns 2,461,691 shares of the technology company’s stock valued at $17,675,000 after purchasing an additional 51,681 shares during the last quarter. LB Partners LLC lifted its stake in Gogo by 8.6% in the fourth quarter. LB Partners LLC now owns 2,221,092 shares of the technology company’s stock valued at $17,969,000 after buying an additional 176,092 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Gogo by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 557,732 shares of the technology company’s stock worth $4,005,000 after buying an additional 3,181 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of Gogo during the 3rd quarter worth about $3,031,000. 69.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GOGO. StockNews.com lowered shares of Gogo from a “hold” rating to a “sell” rating in a research note on Monday. Roth Mkm reduced their price target on shares of Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday.

Insider Buying and Selling at Gogo

In other news, Director Oakleigh Thorne purchased 30,173 shares of Gogo stock in a transaction on Monday, March 17th. The stock was purchased at an average price of $6.57 per share, with a total value of $198,236.61. Following the transaction, the director now directly owns 711,341 shares in the company, valued at $4,673,510.37. The trade was a 4.43 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 26.00% of the company’s stock.

Gogo Price Performance

Shares of GOGO opened at $6.93 on Wednesday. The stock has a 50 day simple moving average of $7.74 and a 200 day simple moving average of $7.56. Gogo Inc. has a 52-week low of $6.17 and a 52-week high of $11.00. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58. The firm has a market capitalization of $871.65 million, a PE ratio of 16.12 and a beta of 1.01.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The firm had revenue of $137.80 million for the quarter, compared to analyst estimates of $97.80 million. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The business’s revenue was up 40.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 earnings per share. Sell-side analysts predict that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Gogo 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.