Gogo Inc. (NASDAQ:GOGO) Shares Purchased by Burgundy Asset Management Ltd.

Burgundy Asset Management Ltd. raised its holdings in Gogo Inc. (NASDAQ:GOGO) by 20.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,399,618 shares of the technology company’s stock after purchasing an additional 400,487 shares during the quarter. Burgundy Asset Management Ltd. owned 1.86% of Gogo worth $24,308,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of GOGO. Annis Gardner Whiting Capital Advisors LLC raised its holdings in Gogo by 15.8% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 45,233 shares of the technology company’s stock valued at $458,000 after buying an additional 6,179 shares during the period. Aigen Investment Management LP purchased a new position in shares of Gogo during the 4th quarter worth approximately $256,000. Dynamic Technology Lab Private Ltd acquired a new stake in Gogo in the 4th quarter valued at approximately $203,000. Charles Schwab Investment Management Inc. raised its position in Gogo by 0.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,592 shares of the technology company’s stock valued at $5,162,000 after purchasing an additional 1,735 shares during the period. Finally, Van ECK Associates Corp raised its position in Gogo by 5.7% in the fourth quarter. Van ECK Associates Corp now owns 28,332 shares of the technology company’s stock valued at $287,000 after purchasing an additional 1,538 shares during the period. Institutional investors and hedge funds own 69.60% of the company’s stock.

Gogo Stock Performance

Shares of Gogo stock traded up $0.12 on Wednesday, reaching $10.75. 224,163 shares of the stock were exchanged, compared to its average volume of 896,506. The firm has a market capitalization of $1.37 billion, a PE ratio of 9.09 and a beta of 1.05. Gogo Inc. has a 1-year low of $7.53 and a 1-year high of $17.94. The business has a fifty day moving average price of $9.42 and a two-hundred day moving average price of $9.39. The company has a current ratio of 4.20, a quick ratio of 3.33 and a debt-to-equity ratio of 9.39.

Gogo (NASDAQ:GOGO) last released its earnings results on Tuesday, May 7th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.10. The company had revenue of $104.32 million for the quarter, compared to analysts’ expectations of $96.62 million. Gogo had a return on equity of 229.65% and a net margin of 38.61%. As a group, research analysts anticipate that Gogo Inc. will post 0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GOGO shares. Morgan Stanley dropped their price objective on Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 16th. JPMorgan Chase & Co. started coverage on Gogo in a report on Thursday, February 29th. They set a “neutral” rating and a $11.00 price target for the company. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $15.30.

Insiders Place Their Bets

In related news, Director Charles C. Townsend acquired 28,857 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were purchased at an average price of $9.03 per share, with a total value of $260,578.71. Following the completion of the acquisition, the director now owns 1,740,588 shares in the company, valued at $15,717,509.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 26.00% of the stock is currently owned by company insiders.

Gogo Company 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.