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

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

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

Gogo Stock Up 0.3%

Shares of NASDAQ:GOGO traded up $0.04 during mid-day trading on Thursday, hitting $12.13. 1,280,531 shares of the company traded hands, compared to its average volume of 1,728,028. The firm has a market cap of $1.62 billion, a P/E ratio of 303.25 and a beta of 1.11. The company has a debt-to-equity ratio of 8.10, a quick ratio of 1.32 and a current ratio of 1.71. Gogo has a 52-week low of $6.17 and a 52-week high of $16.82. The firm’s 50 day simple moving average is $14.49 and its 200 day simple moving average is $10.56.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Thursday, August 7th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Gogo had a return on equity of 88.04% and a net margin of 1.05%. The business had revenue of $226.04 million during the quarter, compared to analyst estimates of $220.12 million. During the same quarter in the previous year, the firm posted $0.01 EPS. The business’s revenue for the quarter was up 121.4% compared to the same quarter last year. On average, equities analysts anticipate that Gogo will post 0.41 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Gogo

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Gogo by 9.3% during the 1st quarter. Vanguard Group Inc. now owns 5,695,358 shares of the technology company’s stock worth $49,094,000 after purchasing an additional 485,145 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in shares of Gogo by 124.8% during the 2nd quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock worth $83,292,000 after acquiring an additional 3,149,585 shares during the last quarter. Nantahala Capital Management LLC raised its position in Gogo by 38.5% in the 1st quarter. Nantahala Capital Management LLC now owns 3,564,797 shares of the technology company’s stock worth $30,729,000 after purchasing an additional 990,155 shares during the period. Tenzing Global Management LLC raised its position in Gogo by 31.3% in the 1st quarter. Tenzing Global Management LLC now owns 2,725,000 shares of the technology company’s stock worth $23,490,000 after purchasing an additional 650,000 shares during the period. Finally, LB Partners LLC increased its position in shares of Gogo by 5.1% in the second quarter. LB Partners LLC now owns 2,483,979 shares of the technology company’s stock valued at $36,465,000 after acquiring an additional 120,000 shares during the period. Institutional investors own 69.60% 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.