Go Go (NASDAQ: GOGO – received rating) announced its earnings results on Thursday. The tech company reported earnings per share of $0.18 for the quarter, beating the consensus estimate of $0.13 by $0.05. MarketWatch Earnings reports. The company had revenue of $92.75 million for the quarter, compared to analyst estimates of $89.52 million. Gogo had a net margin of 51.50% and a negative return on equity of 12.32%. Gogo’s revenue increased 25.6% compared to the prior-year quarter. In the same quarter last year, the company reported ($0.07) earnings per share.
Gogo stock fell $0.04 during Friday’s trading to hit $18.06. The stock had a trading volume of 1,218,975 shares compared to an average volume of 1,334,993. Gogo has a 52-week low of $9.61 and a 52-week high of $23.69. The company has a 50-day moving average price of $18.90 and a 200-day moving average price of $15.56. The stock has a market cap of $2.02 billion, a P/E of 14.68 and a beta of 1.03.
A number of institutional investors have recently changed their stock holdings. Envestnet Asset Management Inc. acquired a new position in Gogo valued at approximately $308,000 during the first quarter. Barclays PLC increased its stake in Gogo by 231.5% in the fourth quarter. Barclays PLC now owns 80,750 shares of the technology company, valued at $1,092,000, after purchasing an additional 56,392 shares last quarter. BlackRock Inc. increased its stake in Gogo by 5.8% in the fourth quarter. BlackRock Inc. now owns 4,244,724 shares of the technology company’s stock valued at $57,434,000 after purchasing an additional 234,276 shares last quarter. William Blair Investment Management LLC increased its stake in Gogo by 1.1% in the fourth quarter. William Blair Investment Management LLC now owns 2,214,952 shares of the technology company’s stock valued at $29,968,000 after it purchased an additional 23,896 shares last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Gogo by 62.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 209,280 shares of the tech company, valued at $2,832,000, after purchasing an additional 80,094 shares last quarter. Institutional investors own 71.42% of the company’s shares.
A number of research analysts have rated the GOGO stocks. Roth Capital raised its price target on Gogo shares to $21.00 from $20.50 in a research note on Thursday, March 3rd. Zacks Investment Research upgraded the shares of Gogo from a “hold” rating to a “strong-buy” rating and issued a research note on Monday, March 7th with a price target of $19.00 for the company. StockNews.com began reporting on shares of Gogo in a research note on Thursday, March 31st. They gave the company a “hold” rating. Finally, JPMorgan Chase & Co. raised its price target on Gogo shares to $18.00 from $16.00 and gave the company a neutral rating in a research note on Monday, March 7th. One investment analyst has rated the stock with a sell rating, two with a hold rating, two with a buy rating and one with a strong buy rating. According to MarketBeat.com, Gogo has a consensus rating of Buy and an average target price of $19.00.
About Gogo (received rating)
Gogo Inc, through its subsidiaries, provides broadband connectivity services to the airline industry in the United States and internationally. The Company operates through Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA) segments. The company designs, builds and operates air-to-ground networks, develops and services in-flight systems using proprietary hardware and software, and provides customizable connectivity and wireless entertainment services.
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