Gogo (GOGO) Upgraded to “Outperform” at Cowen

Gogo (NASDAQ:GOGO) was upgraded by equities researchers at Cowen from a “market perform” rating to an “outperform” rating in a report issued on Thursday, The Fly reports.

Several other equities analysts also recently issued reports on GOGO. Zacks Investment Research raised shares of Gogo from a “hold” rating to a “buy” rating and set a $4.50 price target for the company in a report on Monday, January 28th. BidaskClub downgraded shares of Gogo from a “hold” rating to a “sell” rating in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $6.06.

GOGO stock opened at $5.14 on Thursday. Gogo has a 1-year low of $2.64 and a 1-year high of $9.74. The firm has a market cap of $450.06 million, a price-to-earnings ratio of -2.81 and a beta of 1.29.

Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, February 21st. The technology company reported ($0.74) earnings per share for the quarter, meeting the consensus estimate of ($0.74). The business had revenue of $217.22 million for the quarter, compared to the consensus estimate of $214.50 million. During the same quarter in the previous year, the firm earned ($0.52) EPS. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, equities research analysts forecast that Gogo will post -2.05 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 stock was acquired at an average price of $4.36 per share, with a total value of $1,209,485.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 36.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of GOGO. Dynamic Technology Lab Private Ltd bought a new stake in shares of Gogo in the third quarter valued at approximately $105,000. Man Group plc bought a new position in Gogo in the third quarter valued at about $343,000. MetLife Investment Advisors LLC boosted its holdings in Gogo by 56.3% in the third quarter. MetLife Investment Advisors LLC now owns 42,843 shares of the technology company’s stock valued at $222,000 after acquiring an additional 15,424 shares during the last quarter. Teachers Advisors LLC boosted its holdings in Gogo by 33.6% during the third quarter. Teachers Advisors LLC now owns 373,014 shares of the technology company’s stock worth $1,936,000 after buying an additional 93,763 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its holdings in Gogo by 7.6% during the third quarter. TIAA CREF Investment Management LLC now owns 449,894 shares of the technology company’s stock worth $2,335,000 after buying an additional 31,817 shares during the last quarter. 56.96% of the stock is owned by institutional investors.

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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