Victory Capital Management Inc. Raises Stake in Gogo Inc. (NASDAQ:GOGO)

Victory Capital Management Inc. grew its stake in Gogo Inc. (NASDAQ:GOGO - Free Report) by 506.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,323 shares of the technology company's stock after acquiring an additional 55,393 shares during the quarter. Victory Capital Management Inc. owned about 0.05% of Gogo worth $537,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of GOGO. Quest Partners LLC purchased a new stake in shares of Gogo in the third quarter valued at about $158,000. Intech Investment Management LLC purchased a new stake in shares of Gogo in the 3rd quarter valued at approximately $740,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Gogo by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 557,732 shares of the technology company's stock worth $4,005,000 after buying an additional 3,181 shares during the last quarter. Algert Global LLC raised its position in shares of Gogo by 174.4% during the 3rd quarter. Algert Global LLC now owns 120,500 shares of the technology company's stock valued at $865,000 after buying an additional 76,590 shares during the period. Finally, Dynamic Technology Lab Private Ltd lifted its holdings in Gogo by 612.1% in the third quarter. Dynamic Technology Lab Private Ltd now owns 253,114 shares of the technology company's stock valued at $1,817,000 after acquiring an additional 217,570 shares during the last quarter. 69.60% of the stock is owned by institutional investors and hedge funds.

Gogo Trading Up 4.9 %

Shares of GOGO stock traded up $0.40 on Tuesday, hitting $8.62. The stock had a trading volume of 2,218,973 shares, compared to its average volume of 1,103,650. The company's 50 day moving average price is $7.77 and its 200-day moving average price is $7.55. Gogo Inc. has a 1 year low of $6.17 and a 1 year high of $11.00. The firm has a market capitalization of $1.13 billion, a P/E ratio of 20.05 and a beta of 1.01. 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 (NASDAQ:GOGO - Get Free Report) last issued its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. The business had revenue of $137.80 million for the quarter, compared to analysts' expectations of $97.80 million. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The business's quarterly revenue was up 40.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.11 earnings per share. Analysts anticipate that Gogo Inc. will post 0.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on GOGO shares. Roth Mkm reduced their target price on Gogo from $15.50 to $13.00 and set a "buy" rating on the stock in a research report on Monday, March 17th. StockNews.com cut shares of Gogo from a "hold" rating to a "sell" rating in a research report on Monday, March 17th.

Insiders Place Their Bets

In related news, Director Oakleigh Thorne bought 30,173 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was purchased at an average cost of $6.57 per share, for a total transaction of $198,236.61. Following the completion of the acquisition, the director now owns 711,341 shares in the company, valued at approximately $4,673,510.37. This trade represents a 4.43 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 26.00% of the company's stock.

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.