Gogo Inc. (NASDAQ:GOGO) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in Gogo Inc. (NASDAQ:GOGO) by 6.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 302,345 shares of the technology company’s stock after selling 19,357 shares during the quarter. Principal Financial Group Inc. owned about 0.24% of Gogo worth $2,909,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of Gogo in the 2nd quarter worth $109,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Gogo by 67.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock worth $166,000 after acquiring an additional 6,941 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Gogo by 12.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock worth $187,000 after acquiring an additional 2,390 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Gogo during the 4th quarter worth about $203,000. Finally, Jupiter Asset Management Ltd. acquired a new stake in Gogo during the 1st quarter worth about $221,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

Gogo Price Performance

NASDAQ:GOGO opened at $7.71 on Thursday. Gogo Inc. has a 12 month low of $6.78 and a 12 month high of $12.75. The stock has a 50 day moving average of $8.44 and a two-hundred day moving average of $8.97. 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 $978.78 million, a P/E ratio of 6.59 and a beta of 1.11.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on GOGO. Morgan Stanley lowered their price target on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their price target 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 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.