Morgan Stanley Reiterates “Equal Weight” Rating for Gogo (NASDAQ:GOGO)

Gogo (NASDAQ:GOGO)‘s stock had its “equal weight” rating reissued by investment analysts at Morgan Stanley in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They currently have a $15.00 target price on the technology company’s stock. Morgan Stanley’s price target points to a potential upside of 23.66% from the company’s previous close.

A number of other research firms have also recently issued reports on GOGO. Wall Street Zen cut shares of Gogo from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Roth Capital set a $16.50 price objective on shares of Gogo and gave the stock a “buy” rating in a research note on Wednesday, June 18th.

Gogo Stock Performance

Shares of NASDAQ GOGO traded up $0.04 during midday trading on Thursday, reaching $12.13. The company had a trading volume of 1,280,531 shares, compared to its average volume of 1,728,028. The business’s 50-day simple moving average is $14.49 and its 200 day simple moving average is $10.55. The stock has a market cap of $1.62 billion, a P/E ratio of 303.25 and a beta of 1.11. Gogo has a 1 year low of $6.17 and a 1 year high of $16.82. The company has a current ratio of 1.71, a quick ratio of 1.32 and a debt-to-equity ratio of 8.10.

Gogo (NASDAQ:GOGO) last posted its quarterly 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 net margin of 1.05% and a return on equity of 88.04%. The business’s quarterly revenue was up 121.4% on a year-over-year basis. During the same quarter last year, the company posted $0.01 earnings per share. On average, analysts forecast that Gogo will post 0.41 earnings per share for the current fiscal year.

Insider Transactions at Gogo

In other news, Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $11.00, for a total value of $93,500,000.00. Following the sale, the director owned 4,174,482 shares in the company, valued at $45,919,302. This represents a 67.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher John Moore purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $12.11 per share, for a total transaction of $121,100.00. Following the transaction, the chief executive officer owned 10,000 shares of the company’s stock, valued at $121,100. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 25.78% of the company’s stock.

Institutional Trading of Gogo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew 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 buying an additional 85,412 shares during the period. Nuveen Asset Management LLC grew 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 buying an additional 1,373 shares during the period. ProShare Advisors LLC grew 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 buying an additional 5,996 shares during the period. Asset Management One Co. Ltd. acquired a new stake in Gogo during the first quarter valued at $189,000. Finally, Barclays PLC grew 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 buying an additional 8,960 shares during the period. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.