Point72 Asia Singapore Pte. Ltd. Trims Stake in Gogo Inc. (NASDAQ:GOGO)

Point72 Asia Singapore Pte. Ltd. trimmed its stake in Gogo Inc. (NASDAQ:GOGO) by 57.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,884 shares of the technology company’s stock after selling 13,570 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Gogo were worth $80,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. FMR LLC increased its stake in shares of Gogo by 138.4% in the 4th quarter. FMR LLC now owns 13,475,009 shares of the technology company’s stock worth $109,013,000 after purchasing an additional 7,821,973 shares in the last quarter. Capco Asset Management LLC increased its stake in Gogo by 22.1% in the 4th quarter. Capco Asset Management LLC now owns 3,009,743 shares of the technology company’s stock worth $24,349,000 after buying an additional 544,178 shares in the last quarter. Nantahala Capital Management LLC increased its stake in Gogo by 441.5% in the 4th quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company’s stock worth $20,829,000 after buying an additional 2,099,145 shares in the last quarter. William Blair Investment Management LLC increased its stake in Gogo by 15.8% in the 4th quarter. William Blair Investment Management LLC now owns 2,424,378 shares of the technology company’s stock worth $19,613,000 after buying an additional 330,961 shares in the last quarter. Finally, LB Partners LLC increased its stake in Gogo by 8.6% in the 4th quarter. LB Partners LLC now owns 2,221,092 shares of the technology company’s stock worth $17,969,000 after buying an additional 176,092 shares in the last quarter. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Gogo Price Performance

Shares of GOGO opened at $12.56 on Friday. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 29.21 and a beta of 0.93. Gogo Inc. has a twelve month low of $6.17 and a twelve month high of $12.90. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The company has a 50 day moving average of $8.05 and a two-hundred day moving average of $7.90.

Gogo (NASDAQ:GOGO) last posted 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. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The business had revenue of $230.31 million during the quarter, compared to analysts’ expectations of $214.93 million. During the same quarter last year, the company posted $0.23 earnings per share. The business’s quarterly revenue was up 120.8% on a year-over-year basis. As a group, analysts predict that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Gogo news, Director Oakleigh Thorne bought 30,173 shares of Gogo stock in a transaction that occurred 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 completion of the acquisition, the director now directly owns 711,341 shares in the company, valued at approximately $4,673,510.37. This trade represents a 4.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 25.78% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GOGO shares. StockNews.com raised Gogo from a “sell” rating to a “hold” rating in a report on Monday, May 12th. Roth Mkm reduced their price objective on shares of Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday, March 17th.

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.