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

Gogo (NASDAQ:GOGO) had its target price lowered by Morgan Stanley from $15.00 to $12.00 in a report released on Tuesday, Benzinga reports. The firm currently has 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 set a neutral rating and a $11.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $15.30.

Gogo Trading Down 0.2 %

NASDAQ:GOGO opened at $8.35 on Tuesday. The stock’s 50 day moving average price is $8.77 and its 200 day moving average price is $9.67. Gogo has a 52 week low of $7.53 and a 52 week high of $17.94. The company has a market capitalization of $1.07 billion, a P/E ratio of 7.66 and a beta of 1.08. The company has a debt-to-equity ratio of 14.43, a quick ratio of 3.49 and a current ratio of 4.37.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, hitting 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 firm had revenue of $97.81 million for the quarter, compared to the consensus estimate of $96.56 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The firm’s revenue was down 9.6% on a year-over-year basis. On average, research analysts forecast that Gogo will post 0.36 EPS for the current fiscal year.

Insider Activity

In other Gogo news, Director Charles C. Townsend acquired 28,857 shares of Gogo stock in a transaction dated Thursday, March 14th. The stock was bought at an average cost of $9.03 per share, with a total value 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Harris N. Williams bought 12,000 shares of Gogo stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average cost of $8.10 per share, with a total value of $97,200.00. Following the completion of the transaction, the director now directly owns 20,990 shares in the company, valued at $170,019. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles C. Townsend bought 28,857 shares of Gogo stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $9.03 per share, with a total value 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 disclosure for this purchase can be found here. 26.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its position in Gogo by 8.1% in the second quarter. BlackRock Inc. now owns 10,250,993 shares of the technology company’s stock worth $174,369,000 after purchasing an additional 765,720 shares during the period. Tenzing Global Management LLC lifted its position in Gogo by 13.6% in the third quarter. Tenzing Global Management LLC now owns 2,500,000 shares of the technology company’s stock worth $29,825,000 after purchasing an additional 300,000 shares during the period. Burgundy Asset Management Ltd. lifted its position in Gogo by 20.0% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,399,618 shares of the technology company’s stock worth $24,308,000 after purchasing an additional 400,487 shares during the period. State Street Corp lifted its position in Gogo by 5.3% in the second quarter. State Street Corp now owns 2,301,993 shares of the technology company’s stock worth $39,157,000 after purchasing an additional 115,033 shares during the period. Finally, Sycale Advisors NY LLC lifted its position in Gogo by 97.5% in the third quarter. Sycale Advisors NY LLC now owns 1,859,328 shares of the technology company’s stock worth $22,182,000 after purchasing an additional 917,882 shares during the period. 69.60% of the stock is owned by institutional investors.

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.