State of Alaska Department of Revenue Sells 1,771 Shares of Gogo Inc. (NASDAQ:GOGO)

State of Alaska Department of Revenue trimmed its position in Gogo Inc. (NASDAQ:GOGO) by 4.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,050 shares of the technology company’s stock after selling 1,771 shares during the period. State of Alaska Department of Revenue’s holdings in Gogo were worth $244,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Brighton Jones LLC acquired a new stake in shares of Gogo in the third quarter valued at about $72,000. LB Partners LLC increased its position in shares of Gogo by 12.4% in the third quarter. LB Partners LLC now owns 2,045,000 shares of the technology company’s stock valued at $14,683,000 after acquiring an additional 225,000 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Gogo in the third quarter valued at about $34,000. SG Americas Securities LLC increased its position in shares of Gogo by 149.8% in the third quarter. SG Americas Securities LLC now owns 28,177 shares of the technology company’s stock valued at $202,000 after acquiring an additional 16,898 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Gogo in the second quarter valued at about $117,000. 69.60% of the stock is currently owned by institutional investors.

Gogo Price Performance

NASDAQ:GOGO opened at $8.01 on Friday. The company has a quick ratio of 3.16, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The stock’s 50 day moving average price is $7.12 and its two-hundred day moving average price is $8.50. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 18.63 and a beta of 1.10. Gogo Inc. has a 12-month low of $6.17 and a 12-month high of $11.17.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.06). The business had revenue of $102.10 million during the quarter, compared to the consensus estimate of $99.02 million. Gogo had a net margin of 13.94% and a return on equity of 121.96%. Gogo’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 EPS. On average, analysts anticipate that Gogo Inc. will post 0.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Morgan Stanley lowered their target price on Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. lowered their target price on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Finally, Roth Mkm reissued a “buy” rating and set a $15.50 price target on shares of Gogo in a research report on Tuesday, September 17th.

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.