Gogo Inc. $GOGO Shares Acquired by LB Partners LLC

LB Partners LLC boosted its position in Gogo Inc. (NASDAQ:GOGO) by 30.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,228,979 shares of the technology company’s stock after purchasing an additional 745,000 shares during the quarter. Gogo comprises about 17.8% of LB Partners LLC’s portfolio, making the stock its biggest holding. LB Partners LLC owned approximately 2.42% of Gogo worth $27,737,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GOGO. William Blair Investment Management LLC boosted its position in shares of Gogo by 124.8% in the second quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock valued at $83,292,000 after acquiring an additional 3,149,585 shares during the period. Millennium Management LLC raised its stake in Gogo by 439.5% in the 1st quarter. Millennium Management LLC now owns 709,003 shares of the technology company’s stock worth $6,112,000 after purchasing an additional 577,575 shares in the last quarter. Invesco Ltd. boosted its holdings in Gogo by 171.8% in the 2nd quarter. Invesco Ltd. now owns 501,944 shares of the technology company’s stock valued at $7,369,000 after purchasing an additional 317,264 shares during the period. Select Equity Group L.P. grew its position in shares of Gogo by 24.1% during the 2nd quarter. Select Equity Group L.P. now owns 500,007 shares of the technology company’s stock worth $7,340,000 after purchasing an additional 97,020 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Gogo by 1.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 450,583 shares of the technology company’s stock worth $6,615,000 after purchasing an additional 7,014 shares in the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

Analyst Upgrades and Downgrades

GOGO has been the subject of a number of analyst reports. William Blair downgraded shares of Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. Finally, Morgan Stanley set a $8.00 target price on Gogo in a report on Friday, January 16th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Gogo currently has a consensus rating of “Hold” and a consensus target price of $12.25.

Insider Transactions at Gogo

In other Gogo news, insider Oakleigh Thorne bought 170,000 shares of the firm’s stock in a transaction on Friday, December 12th. The shares were purchased at an average price of $5.34 per share, for a total transaction of $907,800.00. Following the completion of the transaction, the insider directly owned 954,098 shares in the company, valued at approximately $5,094,883.32. The trade was a 21.68% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 25.78% of the stock is currently owned by corporate insiders.

Gogo Stock Performance

Shares of NASDAQ:GOGO opened at $4.89 on Friday. Gogo Inc. has a 1 year low of $4.44 and a 1 year high of $16.82. The stock has a market capitalization of $654.53 million, a price-to-earnings ratio of -97.80 and a beta of 0.96. The company has a debt-to-equity ratio of 7.79, a current ratio of 1.74 and a quick ratio of 1.40. The company’s 50 day simple moving average is $5.54 and its 200 day simple moving average is $9.16.

Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, November 6th. The technology company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.12). Gogo had a positive return on equity of 71.74% and a negative net margin of 0.65%.The business had revenue of $223.59 million for the quarter, compared to the consensus estimate of $222.23 million. During the same quarter in the previous year, the company earned $0.08 earnings per share. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. As a group, research analysts predict that Gogo Inc. will post 0.41 EPS for the current fiscal year.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.