Burgundy Asset Management Ltd. Has $29.90 Million Stock Position in Gogo Inc. (NASDAQ:GOGO)

Burgundy Asset Management Ltd. lifted its position in shares of Gogo Inc. (NASDAQ:GOGO) by 1.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,108,226 shares of the technology company’s stock after purchasing an additional 43,805 shares during the quarter. Burgundy Asset Management Ltd. owned approximately 2.45% of Gogo worth $29,901,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of GOGO. SG Americas Securities LLC bought a new position in Gogo in the second quarter worth $109,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Gogo by 67.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock valued at $166,000 after acquiring an additional 6,941 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Gogo by 12.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock valued at $187,000 after acquiring an additional 2,390 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Gogo in the fourth quarter worth about $203,000. Finally, Jupiter Asset Management Ltd. bought a new position in Gogo during the first quarter worth about $221,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

Gogo Stock Performance

NASDAQ GOGO opened at $6.78 on Thursday. Gogo Inc. has a 1-year low of $6.72 and a 1-year high of $12.75. The company has a 50 day moving average of $8.14 and a 200-day moving average of $8.91. The company has a current ratio of 3.95, a quick ratio of 3.16 and a debt-to-equity ratio of 11.25. The firm has a market cap of $861.77 million, a price-to-earnings ratio of 5.79 and a beta of 1.11.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). The business had revenue of $102.10 million for the quarter, compared to analyst estimates of $99.02 million. Gogo had a net margin of 16.59% and a return on equity of 145.01%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 earnings per share. On average, equities analysts forecast that Gogo Inc. will post 0.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GOGO has been the topic of several analyst reports. Roth Mkm reiterated a “buy” rating and issued a $15.50 price objective on shares of Gogo in a research note on Tuesday. Morgan Stanley decreased their price target on Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th.

Gogo 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.