Gogo (NASDAQ:GOGO) Price Target Cut to $11.00 by Analysts at Morgan Stanley

Gogo (NASDAQ:GOGO) had its price objective decreased by Morgan Stanley from $12.00 to $11.00 in a report published on Tuesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology company’s stock.

Separately, 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 note on Thursday, August 8th.

Gogo Trading Down 1.6 %

Shares of GOGO stock opened at $7.97 on Tuesday. Gogo has a fifty-two week low of $6.78 and a fifty-two week high of $12.75. The stock has a market cap of $1.01 billion, a P/E ratio of 6.81 and a beta of 1.13. The business has a fifty day simple moving average of $8.56 and a 200-day simple moving average of $9.00. 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 (NASDAQ:GOGO) last announced its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). The firm 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%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.20 EPS. On average, analysts forecast that Gogo will post 0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

A number of institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. increased its holdings in shares of Gogo by 29.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 30,700 shares of the technology company’s stock valued at $295,000 after acquiring an additional 6,900 shares during the last quarter. Algert Global LLC acquired a new position in Gogo during the 2nd quarter valued at approximately $422,000. Select Equity Group L.P. acquired a new position in Gogo during the 2nd quarter valued at approximately $2,764,000. Millennium Management LLC boosted its position in Gogo by 19.0% during the 2nd quarter. Millennium Management LLC now owns 814,833 shares of the technology company’s stock valued at $7,839,000 after purchasing an additional 130,344 shares during the period. Finally, AQR Capital Management LLC acquired a new position in Gogo during the 2nd quarter valued at approximately $108,000. 69.60% of the stock is currently owned by institutional investors.

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.