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

Gogo (NASDAQ:GOGO) had its price target lowered by equities research analysts at Morgan Stanley from $15.00 to $12.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 45.63% from the company’s current price.

Separately, JPMorgan Chase & Co. assumed coverage on shares of Gogo in a report on Thursday, February 29th. They set a “neutral” rating and a $11.00 price target for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Gogo currently has an average rating of “Hold” and an average price target of $15.30.

Gogo Stock Performance

Shares of GOGO opened at $8.24 on Tuesday. Gogo has a 1 year low of $7.53 and a 1 year high of $17.94. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 7.56 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. The firm has a fifty day moving average of $8.83 and a 200-day moving average of $9.69.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.11. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The company had revenue of $97.81 million during the quarter, compared to the consensus estimate of $96.56 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, equities analysts anticipate that Gogo will post 0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Charles C. Townsend acquired 28,857 shares of Gogo stock in a transaction that occurred on Thursday, March 14th. The stock was acquired at an average price of $9.03 per share, with a total value of $260,578.71. Following the completion of the acquisition, the director now directly owns 1,740,588 shares of the company’s stock, valued at approximately $15,717,509.64. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Charles C. Townsend acquired 28,857 shares of Gogo stock in a transaction that occurred on Thursday, March 14th. The stock was acquired at an average price of $9.03 per share, with a total value of $260,578.71. Following the completion of the acquisition, the director now directly owns 1,740,588 shares of the company’s stock, valued at approximately $15,717,509.64. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Harris N. Williams purchased 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 completion of the acquisition, the director now directly owns 20,990 shares in the company, valued at approximately $170,019. The disclosure for this purchase can be found here. Corporate insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Gogo

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Tealwood Asset Management Inc. lifted its holdings in Gogo by 95.6% in the 1st quarter. Tealwood Asset Management Inc. now owns 122,246 shares of the technology company’s stock valued at $1,073,000 after acquiring an additional 59,750 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Gogo by 1.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 155,811 shares of the technology company’s stock valued at $1,578,000 after acquiring an additional 1,743 shares during the last quarter. Virtu Financial LLC acquired a new stake in Gogo in the 4th quarter valued at about $166,000. Price T Rowe Associates Inc. MD lifted its holdings in Gogo by 2.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 43,731 shares of the technology company’s stock valued at $443,000 after acquiring an additional 1,042 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in Gogo in the 4th quarter valued at about $606,000. 69.60% of the stock is owned by institutional investors and hedge funds.

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.