Renaissance Technologies LLC Has $3.31 Million Holdings in Gogo Inc. (NASDAQ:GOGO)

Renaissance Technologies LLC reduced its stake in Gogo Inc. (NASDAQ:GOGO) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 343,708 shares of the technology company’s stock after selling 12,226 shares during the quarter. Renaissance Technologies LLC’s holdings in Gogo were worth $3,306,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Burgundy Asset Management Ltd. increased its stake in Gogo by 20.0% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,399,618 shares of the technology company’s stock worth $24,308,000 after acquiring an additional 400,487 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in shares of Gogo during the 1st quarter valued at approximately $736,000. William Blair Investment Management LLC raised 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 acquiring an additional 152,338 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position 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 worth $187,000 after buying an additional 2,390 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Gogo by 26.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 55,236 shares of the technology company’s stock worth $485,000 after purchasing an additional 11,505 shares during the last quarter. Institutional investors own 69.60% of the company’s stock.

Gogo Price Performance

Shares of NASDAQ GOGO opened at $7.24 on Monday. The company has a current ratio of 3.95, a quick ratio of 3.16 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. The company has a market capitalization of $920.24 million, a price-to-earnings ratio of 6.19 and a beta of 1.11. The firm has a 50-day moving average of $7.81 and a two-hundred day moving average of $8.82.

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

Analyst Ratings Changes

A number of research firms recently commented on GOGO. JPMorgan Chase & Co. decreased their target price on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Morgan Stanley reduced their price target 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. Finally, Roth Mkm restated a “buy” rating and set a $15.50 price target on shares of Gogo in a research note 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.