State of Alaska Department of Revenue Acquires 2,984 Shares of Gogo Inc. $GOGO

State of Alaska Department of Revenue lifted its holdings in shares of Gogo Inc. (NASDAQ:GOGO) by 9.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 35,740 shares of the technology company’s stock after purchasing an additional 2,984 shares during the period. State of Alaska Department of Revenue’s holdings in Gogo were worth $524,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Gogo by 69.6% in the 4th quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock worth $138,000 after purchasing an additional 6,978 shares during the period. GAMMA Investing LLC increased its stake in Gogo by 532.9% during the 1st quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company’s stock valued at $31,000 after purchasing an additional 3,027 shares in the last quarter. Asset Management One Co. Ltd. bought a new stake in Gogo during the 1st quarter valued at about $189,000. Principal Financial Group Inc. grew its stake in shares of Gogo by 2.5% in the first quarter. Principal Financial Group Inc. now owns 295,174 shares of the technology company’s stock worth $2,544,000 after acquiring an additional 7,284 shares during the period. Finally, LB Partners LLC grew its stake in shares of Gogo by 6.4% in the first quarter. LB Partners LLC now owns 2,363,979 shares of the technology company’s stock worth $20,283,000 after acquiring an additional 142,887 shares during the period. Institutional investors own 69.60% of the company’s stock.

Gogo Trading Up 5.0%

Shares of GOGO opened at $9.18 on Thursday. The company’s fifty day moving average is $10.88 and its 200 day moving average is $11.17. Gogo Inc. has a fifty-two week low of $6.20 and a fifty-two week high of $16.82. The stock has a market capitalization of $1.23 billion, a PE ratio of 229.50 and a beta of 1.07. The company has a debt-to-equity ratio of 8.10, a quick ratio of 1.32 and a current ratio of 1.71.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Thursday, August 7th. The technology company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. Gogo had a net margin of 1.05% and a return on equity of 88.04%. The company had revenue of $226.04 million for the quarter, compared to analysts’ expectations of $220.12 million. During the same quarter in the previous year, the business posted $0.01 earnings per share. Gogo’s quarterly revenue was up 121.4% on a year-over-year basis. Gogo has set its FY 2025 guidance at EPS. Sell-side analysts expect that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Christopher John Moore acquired 10,000 shares of the business’s stock in a transaction on Friday, August 8th. The shares were acquired at an average price of $12.11 per share, for a total transaction of $121,100.00. Following the completion of the transaction, the chief executive officer directly owned 10,000 shares of the company’s stock, valued at approximately $121,100. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 25.78% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on GOGO shares. Morgan Stanley started coverage on shares of Gogo in a research note on Thursday, August 14th. They issued an “equal weight” rating and a $15.00 price target for the company. Roth Capital set a $16.50 price objective on shares of Gogo and gave the stock a “buy” rating in a report on Wednesday, June 18th. Weiss Ratings reissued a “sell (d+)” rating on shares of Gogo in a report on Wednesday. Finally, Wall Street Zen downgraded shares of Gogo from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Gogo has a consensus rating of “Hold” and an average target price of $14.83.

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.