Bank of New York Mellon Corp Sells 96,418 Shares of Gogo Inc. (NASDAQ:GOGO)

Bank of New York Mellon Corp trimmed its stake in Gogo Inc. (NASDAQ:GOGO) by 17.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 456,350 shares of the technology company’s stock after selling 96,418 shares during the quarter. Bank of New York Mellon Corp’s holdings in Gogo were worth $3,692,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Brighton Jones LLC grew its stake in shares of Gogo by 69.6% in the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock valued at $138,000 after buying an additional 6,978 shares in the last quarter. Point72 DIFC Ltd lifted its stake in Gogo by 59.8% in the third quarter. Point72 DIFC Ltd now owns 19,382 shares of the technology company’s stock valued at $139,000 after acquiring an additional 7,252 shares during the last quarter. Quest Partners LLC bought a new position in shares of Gogo in the 3rd quarter valued at about $158,000. Point72 Asia Singapore Pte. Ltd. grew its position in shares of Gogo by 110.1% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 23,454 shares of the technology company’s stock valued at $168,000 after acquiring an additional 12,289 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Gogo during the 3rd quarter worth about $169,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

Gogo Stock Performance

NASDAQ GOGO opened at $6.93 on Wednesday. The stock has a market cap of $871.65 million, a PE ratio of 16.12 and a beta of 1.01. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58. The firm has a 50-day moving average of $7.74 and a 200-day moving average of $7.56. Gogo Inc. has a 52-week low of $6.17 and a 52-week high of $11.00.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.03. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The firm had revenue of $137.80 million for the quarter, compared to analysts’ expectations of $97.80 million. During the same period in the prior year, the firm earned $0.11 EPS. The business’s revenue was up 40.9% on a year-over-year basis. On average, sell-side analysts anticipate that Gogo Inc. will post 0.41 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on GOGO shares. StockNews.com downgraded shares of Gogo from a “hold” rating to a “sell” rating in a research note on Monday. Roth Mkm cut their price objective on Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research report on Monday.

Insiders Place Their Bets

In other Gogo news, Director Oakleigh Thorne bought 30,173 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were purchased at an average price of $6.57 per share, for a total transaction of $198,236.61. Following the transaction, 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. Company insiders own 26.00% of the company’s stock.

About Gogo

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.