Intech Investment Management LLC Sells 49,065 Shares of Gogo Inc. (NASDAQ:GOGO)

Intech Investment Management LLC lessened its holdings in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 47.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,956 shares of the technology company's stock after selling 49,065 shares during the period. Intech Investment Management LLC's holdings in Gogo were worth $437,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC boosted its stake in Gogo by 69.6% during the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company's stock worth $138,000 after acquiring an additional 6,978 shares in the last quarter. Point72 DIFC Ltd grew its position in Gogo by 59.8% during the 3rd quarter. Point72 DIFC Ltd now owns 19,382 shares of the technology company's stock valued at $139,000 after purchasing an additional 7,252 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Gogo during the third quarter valued at approximately $158,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Gogo by 110.1% in the 3rd 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 purchased a new position in Gogo in the 3rd quarter worth about $169,000. 69.60% of the stock is owned by hedge funds and other institutional investors.

Gogo Price Performance

Shares of NASDAQ:GOGO traded down $0.10 during trading on Friday, hitting $8.61. 1,477,490 shares of the company's stock were exchanged, compared to its average volume of 1,127,882. The business's 50-day simple moving average is $7.84 and its 200 day simple moving average is $7.57. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. Gogo Inc. has a 52-week low of $6.17 and a 52-week high of $11.00. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 20.02 and a beta of 1.01.

Remove Ads

Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings data on Friday, March 14th. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $97.80 million. During the same period last year, the firm posted $0.11 EPS. The company's revenue was up 40.9% on a year-over-year basis. As a group, equities analysts predict that Gogo Inc. will post 0.41 EPS for the current year.

Insider Activity

In other news, Director Oakleigh Thorne bought 30,173 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were bought at an average cost of $6.57 per share, for a total transaction of $198,236.61. Following the completion of the transaction, the director now owns 711,341 shares of the company's stock, valued at approximately $4,673,510.37. This represents a 4.43 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 26.00% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GOGO. Roth Mkm decreased their target price on shares of Gogo from $15.50 to $13.00 and set a "buy" rating for the company in a research note on Monday, March 17th. StockNews.com cut shares of Gogo from a "hold" rating to a "sell" rating in a research note on Monday, March 17th.

About Gogo

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.