New York State Teachers Retirement System Reduces Holdings in Gogo Inc. (NASDAQ:GOGO)

New York State Teachers Retirement System reduced its holdings in shares of Gogo Inc. (NASDAQ:GOGO) by 3.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,827 shares of the technology company’s stock after selling 1,682 shares during the quarter. New York State Teachers Retirement System’s holdings in Gogo were worth $464,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. acquired a new stake in shares of Gogo during the 3rd quarter worth about $23,850,000. Swiss National Bank boosted its stake in shares of Gogo by 1.5% during the 3rd quarter. Swiss National Bank now owns 141,300 shares of the technology company’s stock worth $1,686,000 after purchasing an additional 2,100 shares during the last quarter. SCP Investment LP boosted its stake in shares of Gogo by 40.3% during the 3rd quarter. SCP Investment LP now owns 905,000 shares of the technology company’s stock worth $10,797,000 after purchasing an additional 260,000 shares during the last quarter. Gamco Investors INC. ET AL boosted its stake in shares of Gogo by 32.9% during the 3rd quarter. Gamco Investors INC. ET AL now owns 361,400 shares of the technology company’s stock worth $4,312,000 after purchasing an additional 89,500 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Gogo by 13.7% during the 3rd quarter. New York State Common Retirement Fund now owns 481,230 shares of the technology company’s stock worth $5,741,000 after purchasing an additional 58,088 shares during the last quarter. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Morgan Stanley decreased their price target on shares of Gogo from $15.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. started coverage on shares of Gogo in a research note on Thursday, February 29th. They set a “neutral” rating and a $11.00 price target on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $15.30.

Gogo Price Performance

GOGO opened at $8.37 on Friday. The company’s 50 day simple moving average is $8.80 and its 200 day simple moving average is $9.68. The company has a debt-to-equity ratio of 14.43, a quick ratio of 3.49 and a current ratio of 4.37. Gogo Inc. has a 1 year low of $7.53 and a 1 year high of $17.94. The stock has a market capitalization of $1.07 billion, a PE ratio of 7.68 and a beta of 1.08.

Gogo (NASDAQ:GOGO) last released its earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.11. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The business had revenue of $97.81 million for the quarter, compared to analysts’ expectations of $96.56 million. During the same period last year, the company earned $0.21 earnings per share. The company’s quarterly revenue was down 9.6% on a year-over-year basis. As a group, sell-side analysts expect that Gogo Inc. will post 0.36 EPS for the current year.

Insider Buying and Selling at Gogo

In other Gogo news, Director Harris N. Williams purchased 12,000 shares of Gogo stock in a transaction on Thursday, February 29th. The shares were purchased at an average cost of $8.10 per share, with a total value of $97,200.00. Following the completion of the transaction, the director now directly owns 20,990 shares in the company, valued at approximately $170,019. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Gogo news, Director Charles C. Townsend purchased 28,857 shares of Gogo stock in a transaction on Thursday, March 14th. The shares were purchased at an average cost of $9.03 per share, with a total value of $260,578.71. Following the completion of the transaction, the director now directly owns 1,740,588 shares in the company, valued at approximately $15,717,509.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harris N. Williams purchased 12,000 shares of Gogo stock in a transaction on Thursday, February 29th. The shares were acquired at an average cost of $8.10 per share, for a total transaction of $97,200.00. Following the completion of the transaction, the director now owns 20,990 shares of the company’s stock, valued at $170,019. The disclosure for this purchase can be found here. 26.00% of the stock is currently owned by corporate insiders.

Gogo 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.