William Blair Investment Management LLC Sells 6,041,440 Shares of Gogo Inc. $GOGO

William Blair Investment Management LLC lessened its stake in shares of Gogo Inc. (NASDAQ:GOGO) by 99.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,223 shares of the technology company’s stock after selling 6,041,440 shares during the quarter. William Blair Investment Management LLC’s holdings in Gogo were worth $122,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Gabelli Funds LLC raised its holdings in Gogo by 38.5% during the 4th quarter. Gabelli Funds LLC now owns 93,600 shares of the technology company’s stock valued at $436,000 after buying an additional 26,000 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Gogo during the fourth quarter valued at about $54,000. Versor Investments LP raised its stake in shares of Gogo by 117.0% during the fourth quarter. Versor Investments LP now owns 21,700 shares of the technology company’s stock valued at $101,000 after acquiring an additional 11,700 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Gogo by 73.2% during the fourth quarter. New York State Teachers Retirement System now owns 70,270 shares of the technology company’s stock worth $327,000 after purchasing an additional 29,700 shares during the period. Finally, Inscription Capital LLC purchased a new stake in shares of Gogo during the fourth quarter worth about $87,000. 69.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Gogo

In other Gogo news, Director Charles C. Townsend bought 158,591 shares of Gogo stock in a transaction dated Thursday, March 12th. The shares were purchased at an average cost of $4.57 per share, with a total value of $724,760.87. Following the transaction, the director directly owned 418,686 shares of the company’s stock, valued at $1,913,395.02. This represents a 60.97% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 25.60% of the stock is owned by corporate insiders.

Gogo Trading Up 2.5%

GOGO opened at $4.44 on Wednesday. The company has a quick ratio of 1.27, a current ratio of 1.66 and a debt-to-equity ratio of 6.89. Gogo Inc. has a 52 week low of $3.81 and a 52 week high of $16.82. The stock has a market cap of $600.46 million, a PE ratio of 40.36 and a beta of 1.06. The business has a 50 day moving average of $4.32 and a 200-day moving average of $4.93.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.09). The firm had revenue of $230.56 million during the quarter, compared to analysts’ expectations of $222.65 million. Gogo had a return on equity of 37.53% and a net margin of 1.54%.Gogo’s revenue for the quarter was up 67.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.22) earnings per share. Equities research analysts predict that Gogo Inc. will post 0.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Roth Mkm set a $12.00 price target on Gogo in a research report on Thursday, May 7th. Morgan Stanley cut their price objective on Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 21st. Finally, Weiss Ratings upgraded Gogo from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Gogo presently has a consensus rating of “Hold” and an average target price of $9.50.

Gogo Company Profile

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.