Zacks Investment Research upgraded shares of Gogo (NASDAQ:GOGO) from a hold rating to a buy rating in a report published on Friday, Zacks.com reports. They currently have $4.75 target price on the technology company’s stock.
According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “
Several other brokerages also recently weighed in on GOGO. BidaskClub raised Misonix from a buy rating to a strong-buy rating in a research report on Wednesday, July 3rd. Roth Capital assumed coverage on Gogo in a research report on Monday, May 13th. They issued a buy rating and a $10.00 target price for the company. Cowen reaffirmed an outperform rating and issued a $187.00 target price (up previously from $178.00) on shares of Union Pacific in a research report on Thursday, April 18th. Finally, William Blair reaffirmed an outperform rating on shares of Assembly Biosciences in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $7.65.
GOGO stock opened at $4.22 on Friday. The firm’s 50-day moving average price is $4.42. Gogo has a 12-month low of $2.64 and a 12-month high of $7.82. The stock has a market capitalization of $370.51 million, a P/E ratio of -2.31 and a beta of 1.01.
Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Thursday, May 9th. The technology company reported ($0.21) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.52) by $0.31. The firm had revenue of $199.55 million for the quarter, compared to analysts’ expectations of $198.00 million. During the same period last year, the firm posted ($0.34) EPS. Gogo’s revenue was down 13.9% on a year-over-year basis. As a group, equities research analysts anticipate that Gogo will post -1.83 EPS for the current year.
In related news, Director Charles C. Townsend bought 64,389 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was bought at an average price of $5.48 per share, with a total value of $352,851.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 36.20% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in GOGO. Rhumbline Advisers grew its holdings in shares of Gogo by 47.0% during the 4th quarter. Rhumbline Advisers now owns 75,404 shares of the technology company’s stock worth $225,000 after purchasing an additional 24,117 shares during the period. Geode Capital Management LLC grew its holdings in shares of Gogo by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 667,641 shares of the technology company’s stock worth $1,996,000 after purchasing an additional 18,884 shares during the period. Premier Asset Management LLC purchased a new position in shares of Gogo during the 4th quarter worth $734,000. Public Employees Retirement System of Ohio grew its holdings in shares of Gogo by 6.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 250,243 shares of the technology company’s stock worth $748,000 after purchasing an additional 14,904 shares during the period. Finally, Hodges Capital Management Inc. grew its holdings in shares of Gogo by 1,120.3% during the 1st quarter. Hodges Capital Management Inc. now owns 763,900 shares of the technology company’s stock worth $3,430,000 after purchasing an additional 701,300 shares during the period. Institutional investors and hedge funds own 59.12% of the company’s stock.
Gogo Company Profile
Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It 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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