California State Teachers Retirement System cut its position in Gogo Inc. (NASDAQ:GOGO) by 0.8% during the second quarter, Holdings Channel reports. The fund owned 118,067 shares of the company’s stock after selling 900 shares during the period. California State Teachers Retirement System owned about 0.14% of Gogo worth $991,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of Gogo by 22.0% in the first quarter. Wellington Management Group LLP now owns 2,525,921 shares of the company’s stock worth $27,811,000 after buying an additional 455,535 shares during the last quarter. A.R.T. Advisors LLC purchased a new position in Gogo during the first quarter worth about $2,295,000. TENOR CAPITAL MANAGEMENT Co. L.P. purchased a new position in Gogo during the first quarter worth about $2,036,000. Spark Investment Management LLC purchased a new position in Gogo during the first quarter worth about $764,000. Finally, S. Muoio & CO. LLC purchased a new position in Gogo during the first quarter worth about $719,000. 74.33% of the stock is owned by institutional investors.
Shares of Gogo Inc. (NASDAQ:GOGO) traded up 2.15% during trading on Tuesday, hitting $12.35. The stock had a trading volume of 928,708 shares. The company’s market cap is $1.06 billion. Gogo Inc. has a 12 month low of $7.80 and a 12 month high of $19.61. The stock has a 50-day moving average price of $11.88 and a 200 day moving average price of $10.33.
Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.40) by $0.11. Gogo had a negative net margin of 22.95% and a negative return on equity of 204.51%. The business had revenue of $147.50 million for the quarter, compared to analysts’ expectations of $141.46 million. During the same quarter in the previous year, the firm earned ($0.32) EPS. Gogo’s revenue was up 21.7% compared to the same quarter last year. Equities analysts expect that Gogo Inc. will post ($1.55) EPS for the current fiscal year.
A number of research firms have issued reports on GOGO. Standpoint Research upgraded Gogo from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Wednesday, August 31st. Zacks Investment Research upgraded Gogo from a “sell” rating to a “hold” rating in a report on Tuesday, August 23rd. JPMorgan Chase & Co. decreased their price objective on Gogo from $18.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, August 5th. William Blair reiterated a “buy” rating on shares of Gogo in a report on Monday, June 6th. Finally, Dougherty & Co decreased their price objective on Gogo from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Gogo presently has an average rating of “Hold” and a consensus price target of $13.60.
In other Gogo news, insider Michael Small acquired 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The stock was bought at an average price of $10.37 per share, for a total transaction of $518,500.00. Following the acquisition, the insider now directly owns 244,832 shares in the company, valued at $2,538,907.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles C. Townsend acquired 52,867 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The shares were acquired at an average price of $11.84 per share, with a total value of $625,945.28. The disclosure for this purchase can be found here. Corporate insiders own 37.70% of the company’s stock.
Gogo Inc is a holding company. The Company is a provider of in-flight connectivity and wireless entertainment solutions for the aviation industry across the world. The Company 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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