Gogo Inc. (NASDAQ:GOGO) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in Gogo Inc. (NASDAQ:GOGO) by 2.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 295,174 shares of the technology company’s stock after purchasing an additional 7,284 shares during the period. Principal Financial Group Inc. owned approximately 0.22% of Gogo worth $2,544,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. FMR LLC increased its holdings in shares of Gogo by 138.4% in the fourth quarter. FMR LLC now owns 13,475,009 shares of the technology company’s stock valued at $109,013,000 after purchasing an additional 7,821,973 shares during the period. Capco Asset Management LLC grew its holdings in Gogo by 22.1% during the fourth quarter. Capco Asset Management LLC now owns 3,009,743 shares of the technology company’s stock worth $24,349,000 after acquiring an additional 544,178 shares during the period. Nantahala Capital Management LLC grew its holdings in Gogo by 441.5% during the fourth quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company’s stock worth $20,829,000 after acquiring an additional 2,099,145 shares during the period. Tenzing Global Management LLC grew its holdings in Gogo by 59.6% during the fourth quarter. Tenzing Global Management LLC now owns 2,075,000 shares of the technology company’s stock worth $16,787,000 after acquiring an additional 775,000 shares during the period. Finally, Silvercrest Asset Management Group LLC acquired a new stake in Gogo during the fourth quarter worth about $14,147,000. 69.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GOGO has been the topic of several analyst reports. Roth Capital set a $16.50 target price on Gogo and gave the stock a “buy” rating in a report on Wednesday, June 18th. Wall Street Zen raised Gogo from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.63.

Insider Buying and Selling

In other news, EVP Michael Begler sold 107,136 shares of the firm’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $15.00, for a total value of $1,607,040.00. Following the transaction, the executive vice president owned 14,454 shares in the company, valued at $216,810. This trade represents a 88.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $11.00, for a total value of $93,500,000.00. Following the completion of the transaction, the director owned 4,174,482 shares in the company, valued at approximately $45,919,302. This trade represents a 67.06% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 25.78% of the company’s stock.

Gogo Stock Performance

Shares of GOGO stock opened at $15.85 on Friday. The company has a market capitalization of $2.10 billion, a P/E ratio of -396.25 and a beta of 1.06. The business’s 50 day moving average is $13.25 and its two-hundred day moving average is $9.63. The company has a current ratio of 1.84, a quick ratio of 1.36 and a debt-to-equity ratio of 10.03. Gogo Inc. has a 12-month low of $6.17 and a 12-month high of $16.45.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Friday, May 9th. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.13. The company had revenue of $230.31 million for the quarter, compared to the consensus estimate of $214.93 million. Gogo had a positive return on equity of 95.01% and a negative net margin of 0.82%. Gogo’s revenue for the quarter was up 120.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.23 earnings per share. Analysts expect 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.