Select Equity Group L.P. Purchases New Shares in Gogo Inc. (NASDAQ:GOGO)

Select Equity Group L.P. acquired a new position in shares of Gogo Inc. (NASDAQ:GOGO) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 287,306 shares of the technology company’s stock, valued at approximately $2,764,000. Select Equity Group L.P. owned 0.23% of Gogo at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Millennium Management LLC increased its holdings in shares of Gogo by 19.0% during the second 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. AQR Capital Management LLC bought a new position in Gogo during the 2nd quarter worth $108,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Gogo during the 2nd quarter worth $107,000. Squarepoint Ops LLC acquired a new position in Gogo in the 2nd quarter valued at $503,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Gogo during the 2nd quarter valued at $117,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Gogo Price Performance

Shares of GOGO stock opened at $7.24 on Friday. The business has a fifty day simple moving average of $7.85 and a 200 day simple moving average of $8.83. The company has a market cap of $920.24 million, a P/E ratio of 6.19 and a beta of 1.11. The company has a quick ratio of 3.16, a current ratio of 3.95 and a debt-to-equity ratio of 11.25. Gogo Inc. has a twelve month low of $6.61 and a twelve month high of $12.15.

Gogo (NASDAQ:GOGO) last posted its earnings results on Wednesday, August 7th. The technology company reported $0.01 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 the consensus estimate of $99.02 million. Gogo had a return on equity of 145.01% and a net margin of 16.59%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the company posted $0.20 EPS. On average, sell-side analysts forecast that Gogo Inc. will post 0.35 EPS for the current fiscal year.

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.