Gogo (GOGO) Upgraded to Buy at BidaskClub

BidaskClub upgraded shares of Gogo (NASDAQ:GOGO) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, BidAskClub reports.

Several other equities analysts also recently weighed in on the company. Northland Securities restated a sell rating and issued a $1.50 target price on shares of Gogo in a research report on Friday, February 22nd. William Blair upgraded Gogo from a market perform rating to an outperform rating in a research report on Friday, May 10th. Zacks Investment Research upgraded Gogo from a hold rating to a buy rating and set a $4.75 target price on the stock in a research report on Thursday, February 21st. Finally, Cowen upgraded Gogo from a market perform rating to an outperform rating and raised their target price for the company from $4.25 to $7.00 in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Gogo has an average rating of Buy and an average target price of $7.04.

NASDAQ GOGO opened at $5.86 on Wednesday. Gogo has a 1-year low of $2.64 and a 1-year high of $7.82.

Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, May 9th. The technology company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.31. The firm had revenue of $199.55 million during the quarter, compared to analysts’ expectations of $198.00 million. The business’s revenue was down 13.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.34) EPS. On average, sell-side analysts predict that Gogo will post -1.8 EPS for the current year.

In related news, Director Charles C. Townsend acquired 277,405 shares of Gogo stock in a transaction that occurred on Wednesday, February 27th. The shares were purchased at an average price of $4.36 per share, for a total transaction of $1,209,485.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles C. Townsend acquired 64,389 shares of Gogo stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average price of $5.48 per share, for a total transaction of $352,851.72. The disclosure for this purchase can be found here. Company insiders own 36.20% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its position in Gogo by 6.7% during the first quarter. The Manufacturers Life Insurance Company now owns 41,103 shares of the technology company’s stock worth $184,000 after buying an additional 2,567 shares in the last quarter. Northern Trust Corp raised its position in Gogo by 0.5% in the first quarter. Northern Trust Corp now owns 690,552 shares of the technology company’s stock valued at $3,101,000 after purchasing an additional 3,706 shares during the period. Swiss National Bank raised its position in Gogo by 5.6% in the first quarter. Swiss National Bank now owns 103,700 shares of the technology company’s stock valued at $466,000 after purchasing an additional 5,500 shares during the period. Parametric Portfolio Associates LLC raised its position in Gogo by 12.6% in the first quarter. Parametric Portfolio Associates LLC now owns 55,963 shares of the technology company’s stock valued at $251,000 after purchasing an additional 6,281 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Gogo by 2.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 313,503 shares of the technology company’s stock valued at $1,408,000 after purchasing an additional 6,567 shares during the period. Hedge funds and other institutional investors own 57.61% 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).

See Also: Retained Earnings

Analyst Recommendations for Gogo (NASDAQ:GOGO)

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