LB Partners LLC Raises Position in Gogo Inc. (NASDAQ:GOGO)

LB Partners LLC boosted its position in Gogo Inc. (NASDAQ:GOGO) by 12.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,045,000 shares of the technology company’s stock after buying an additional 225,000 shares during the period. Gogo accounts for approximately 12.8% of LB Partners LLC’s holdings, making the stock its 2nd biggest holding. LB Partners LLC’s holdings in Gogo were worth $14,683,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Gogo by 0.8% during the first quarter. Vanguard Group Inc. now owns 5,748,287 shares of the technology company’s stock worth $50,470,000 after acquiring an additional 44,340 shares during the period. Burgundy Asset Management Ltd. raised its position in shares of Gogo by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 3,108,226 shares of the technology company’s stock worth $29,901,000 after purchasing an additional 43,805 shares during the period. Capco Asset Management LLC lifted its holdings in shares of Gogo by 1.7% in the 2nd quarter. Capco Asset Management LLC now owns 2,479,974 shares of the technology company’s stock worth $23,857,000 after purchasing an additional 41,866 shares during the last quarter. William Blair Investment Management LLC boosted its position in Gogo by 7.9% during the 2nd quarter. William Blair Investment Management LLC now owns 2,073,693 shares of the technology company’s stock valued at $19,949,000 after purchasing an additional 152,338 shares during the period. Finally, Millennium Management LLC grew its stake in Gogo by 19.0% during the 2nd quarter. Millennium Management LLC now owns 814,833 shares of the technology company’s stock worth $7,839,000 after buying an additional 130,344 shares during the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Roth Mkm reiterated a “buy” rating and issued a $15.50 target price on shares of Gogo in a research note on Tuesday, September 17th. JPMorgan Chase & Co. dropped their price target on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, Morgan Stanley reduced their price objective on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 3rd.

Gogo Price Performance

Shares of GOGO stock traded down $0.07 during midday trading on Monday, reaching $6.93. 498,934 shares of the company were exchanged, compared to its average volume of 933,336. The company’s 50 day moving average price is $7.23 and its two-hundred day moving average price is $8.63. The company has a debt-to-equity ratio of 11.25, a quick ratio of 3.16 and a current ratio of 3.95. The company has a market cap of $880.84 million, a P/E ratio of 5.98 and a beta of 1.09. Gogo Inc. has a 12 month low of $6.17 and a 12 month high of $11.40.

Gogo (NASDAQ:GOGO) last released its earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Gogo had a return on equity of 145.01% and a net margin of 16.59%. The firm had revenue of $102.10 million during the quarter, compared to analyst estimates of $99.02 million. During the same quarter last year, the company earned $0.20 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, sell-side analysts expect that Gogo Inc. will post 0.35 earnings per share for the current year.

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.