Gogo (NASDAQ:GOGO) Coverage Initiated at Morgan Stanley

Equities researchers at Morgan Stanley started coverage on shares of Gogo (NASDAQ:GOGO) in a report released on Thursday, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $15.00 price target on the technology company’s stock. Morgan Stanley’s price target would suggest a potential upside of 23.66% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Roth Capital set a $16.50 price target on Gogo and gave the stock a “buy” rating in a research note on Wednesday, June 18th. Wall Street Zen cut Gogo from a “buy” rating to a “hold” rating in a report on Saturday, August 9th.

Gogo Stock Performance

Shares of NASDAQ GOGO traded up $0.04 during midday trading on Thursday, hitting $12.13. 1,280,531 shares of the company’s stock were exchanged, compared to its average volume of 1,728,028. The company’s 50 day moving average price is $14.49 and its 200 day moving average price is $10.56. The firm has a market capitalization of $1.62 billion, a PE ratio of 303.25 and a beta of 1.11. Gogo has a 12 month low of $6.17 and a 12 month high of $16.82. The company has a quick ratio of 1.32, a current ratio of 1.71 and a debt-to-equity ratio of 8.10.

Gogo (NASDAQ:GOGO) last issued its earnings results on Thursday, August 7th. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $226.04 million during the quarter, compared to analysts’ expectations of $220.12 million. Gogo had a return on equity of 88.04% and a net margin of 1.05%. The business’s revenue for the quarter was up 121.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.01 EPS. As a group, analysts predict that Gogo will post 0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Christopher John Moore acquired 10,000 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were purchased at an average cost of $12.11 per share, with a total value of $121,100.00. Following the completion of the acquisition, the chief executive officer directly owned 10,000 shares of the company’s stock, valued at $121,100. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Begler sold 107,136 shares of the business’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $15.00, for a total transaction of $1,607,040.00. Following the sale, the executive vice president directly owned 14,454 shares in the company, valued at $216,810. This trade represents a 88.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 25.78% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in Gogo by 8.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,073,039 shares of the technology company’s stock valued at $8,678,000 after purchasing an additional 85,412 shares during the period. Nuveen Asset Management LLC lifted its position in Gogo by 0.6% during the fourth quarter. Nuveen Asset Management LLC now owns 223,317 shares of the technology company’s stock valued at $1,807,000 after purchasing an additional 1,373 shares during the period. ProShare Advisors LLC lifted its position in Gogo by 44.7% during the fourth quarter. ProShare Advisors LLC now owns 19,410 shares of the technology company’s stock valued at $157,000 after purchasing an additional 5,996 shares during the period. Asset Management One Co. Ltd. acquired a new position in Gogo during the first quarter valued at $189,000. Finally, Barclays PLC lifted its position in Gogo by 8.1% during the fourth quarter. Barclays PLC now owns 118,919 shares of the technology company’s stock valued at $961,000 after purchasing an additional 8,960 shares during the period. 69.60% of the stock is currently 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.