Principal Financial Group Inc. Trims Position in Gogo Inc. (NASDAQ:GOGO)

Principal Financial Group Inc. decreased its position in shares of Gogo Inc. (NASDAQ:GOGO) by 6.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 282,470 shares of the technology company’s stock after selling 19,875 shares during the quarter. Principal Financial Group Inc. owned approximately 0.22% of Gogo worth $2,028,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of GOGO. Select Equity Group L.P. acquired a new position in Gogo in the second quarter valued at approximately $2,764,000. LB Partners LLC lifted its stake in shares of Gogo by 12.4% in the 3rd quarter. LB Partners LLC now owns 2,045,000 shares of the technology company’s stock valued at $14,683,000 after purchasing an additional 225,000 shares during the last quarter. William Blair Investment Management LLC grew its holdings in shares of Gogo by 7.9% during the 2nd quarter. William Blair Investment Management LLC now owns 2,073,693 shares of the technology company’s stock worth $19,949,000 after purchasing an additional 152,338 shares during the period. Millennium Management LLC grew its holdings in shares of Gogo by 19.0% during the 2nd quarter. Millennium Management LLC now owns 814,833 shares of the technology company’s stock worth $7,839,000 after purchasing an additional 130,344 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Gogo during the 2nd quarter worth about $757,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Gogo Stock Performance

Shares of Gogo stock opened at $8.12 on Friday. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 18.67 and a beta of 1.10. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. The business has a 50-day moving average of $7.14 and a 200 day moving average of $8.44. Gogo Inc. has a 12 month low of $6.17 and a 12 month high of $11.17.

Analyst Ratings Changes

A number of research analysts have commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Morgan Stanley decreased their price objective on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 3rd. Finally, Roth Mkm reiterated a “buy” rating and issued a $15.50 target price on shares of Gogo in a report on Tuesday, September 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.