Gogo (NASDAQ:GOGO) Rating Increased to Hold at ValuEngine

Gogo (NASDAQ:GOGO) was upgraded by stock analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday, ValuEngine reports.

Several other analysts also recently commented on GOGO. BidaskClub upgraded shares of Gogo from a “hold” rating to a “buy” rating in a report on Wednesday, October 30th. Zacks Investment Research downgraded shares of Gogo from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, William Blair restated a “buy” rating on shares of Gogo in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $6.44.

Shares of NASDAQ:GOGO opened at $6.02 on Thursday. The firm’s 50 day simple moving average is $6.00 and its 200 day simple moving average is $5.05. Gogo has a fifty-two week low of $2.64 and a fifty-two week high of $7.23.

Gogo (NASDAQ:GOGO) last announced its earnings results on Thursday, November 7th. The technology company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.29. The company had revenue of $201.18 million for the quarter, compared to analyst estimates of $206.07 million. The business’s quarterly revenue was down 7.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.47) earnings per share. On average, analysts forecast that Gogo will post -1.7 EPS for the current fiscal year.

In other Gogo news, Director Hugh W. Jones purchased 50,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was bought at an average cost of $3.98 per share, with a total value of $199,000.00. Following the purchase, the director now directly owns 50,000 shares of the company’s stock, valued at $199,000. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Charles C. Townsend purchased 65,651 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were acquired at an average cost of $3.94 per share, with a total value of $258,664.94. The disclosure for this purchase can be found here. Insiders have acquired a total of 165,851 shares of company stock worth $658,013 over the last 90 days. Corporate insiders own 41.50% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Gogo by 5.1% during the 2nd quarter. Vanguard Group Inc. now owns 5,456,403 shares of the technology company’s stock worth $21,717,000 after acquiring an additional 263,685 shares in the last quarter. North Peak Capital Management LLC grew its stake in shares of Gogo by 22.4% during the 2nd quarter. North Peak Capital Management LLC now owns 3,404,355 shares of the technology company’s stock worth $13,549,000 after acquiring an additional 623,708 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Gogo by 28.6% during the 2nd quarter. Bank of America Corp DE now owns 2,112,864 shares of the technology company’s stock worth $8,410,000 after acquiring an additional 469,268 shares in the last quarter. Tenzing Global Management LLC grew its stake in shares of Gogo by 43.8% during the 2nd quarter. Tenzing Global Management LLC now owns 1,725,000 shares of the technology company’s stock worth $6,866,000 after acquiring an additional 525,000 shares in the last quarter. Finally, First Midwest Bank Trust Division grew its stake in shares of Gogo by 13.4% during the 2nd quarter. First Midwest Bank Trust Division now owns 1,551,008 shares of the technology company’s stock worth $6,173,000 after acquiring an additional 183,056 shares in the last quarter. 54.99% of the stock is owned by institutional investors.

Gogo Company Profile

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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