Cowen upgraded shares of Gogo (NASDAQ:GOGO) from a market perform rating to an outperform rating in a research report report published on Thursday morning, Benzinga reports. Cowen currently has $7.00 target price on the technology company’s stock, up from their previous target price of $4.25.
Several other research analysts have also recently issued reports on GOGO. BidaskClub cut shares of Gogo from a hold rating to a sell rating in a report on Friday, April 5th. Zacks Investment Research upgraded shares of Gogo from a hold rating to a buy rating and set a $3.50 target price on the stock in a report on Wednesday, January 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $6.25.
Shares of Gogo stock opened at $5.07 on Thursday. Gogo has a 52-week low of $2.64 and a 52-week high of $9.72.
Gogo (NASDAQ:GOGO) last issued its earnings results on Thursday, February 21st. The technology company reported ($0.74) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.74). The firm had revenue of $217.22 million during the quarter, compared to the consensus estimate of $214.50 million. During the same quarter in the prior year, the business posted ($0.52) EPS. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, sell-side analysts expect that Gogo will post -2.05 EPS for the current year.
In related news, Director Charles C. Townsend purchased 277,405 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The shares were acquired at an average price of $4.36 per share, for a total transaction of $1,209,485.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 36.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in GOGO. Pinnacle Associates Ltd. bought a new stake in Gogo in the fourth quarter valued at $46,000. Dynamic Technology Lab Private Ltd bought a new stake in Gogo in the third quarter valued at $105,000. MetLife Investment Advisors LLC boosted its holdings in Gogo by 56.3% in the third quarter. MetLife Investment Advisors LLC now owns 42,843 shares of the technology company’s stock valued at $222,000 after acquiring an additional 15,424 shares in the last quarter. Rhumbline Advisers boosted its holdings in Gogo by 47.0% in the fourth quarter. Rhumbline Advisers now owns 75,404 shares of the technology company’s stock valued at $225,000 after acquiring an additional 24,117 shares in the last quarter. Finally, Coatue Management LLC bought a new stake in Gogo in the fourth quarter valued at $272,000. Institutional investors and hedge funds own 56.96% of the company’s stock.
Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).
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