Bank of New York Mellon Corp Sells 96,418 Shares of Gogo Inc. (NASDAQ:GOGO)

Bank of New York Mellon Corp lessened its holdings in Gogo Inc. (NASDAQ:GOGO - Free Report) by 17.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 456,350 shares of the technology company's stock after selling 96,418 shares during the period. Bank of New York Mellon Corp owned approximately 0.36% of Gogo worth $3,692,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GOGO. Brighton Jones LLC raised its position in Gogo by 69.6% in the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company's stock worth $138,000 after purchasing an additional 6,978 shares in the last quarter. Point72 DIFC Ltd raised its position in Gogo by 59.8% in the third quarter. Point72 DIFC Ltd now owns 19,382 shares of the technology company's stock worth $139,000 after purchasing an additional 7,252 shares in the last quarter. Quest Partners LLC acquired a new position in Gogo in the third quarter worth about $158,000. Point72 Asia Singapore Pte. Ltd. raised its position in Gogo by 110.1% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 23,454 shares of the technology company's stock worth $168,000 after purchasing an additional 12,289 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Gogo in the third quarter worth about $169,000. Institutional investors and hedge funds own 69.60% of the company's stock.

Insider Activity

In related news, Director Oakleigh Thorne purchased 30,173 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were acquired at an average cost of $6.57 per share, with a total value of $198,236.61. Following the completion of the purchase, the director now directly owns 711,341 shares of the company's stock, valued at $4,673,510.37. This trade represents a 4.43 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 26.00% of the stock is owned by insiders.

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Gogo Price Performance

Gogo stock traded down $0.30 during trading hours on Friday, hitting $7.42. 2,390,565 shares of the stock were exchanged, compared to its average volume of 1,093,685. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58. The stock has a market capitalization of $933.28 million, a P/E ratio of 17.26 and a beta of 1.01. Gogo Inc. has a 12 month low of $6.17 and a 12 month high of $11.00. The business's 50-day moving average is $7.75 and its two-hundred day moving average is $7.56.

Gogo (NASDAQ:GOGO - Get Free Report) last released its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.04 by $0.03. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The business had revenue of $137.80 million for the quarter, compared to analysts' expectations of $97.80 million. During the same period in the prior year, the firm earned $0.11 earnings per share. Gogo's revenue was up 40.9% compared to the same quarter last year. Equities research analysts expect that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Analysts Set New Price Targets

GOGO has been the subject of several recent research reports. StockNews.com lowered shares of Gogo from a "hold" rating to a "sell" rating in a research report on Monday, March 17th. Roth Mkm decreased their price objective on shares of Gogo from $15.50 to $13.00 and set a "buy" rating on the stock in a research note on Monday, March 17th.

Gogo Company 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.