LB Partners LLC Buys 745,000 Shares of Gogo Inc. $GOGO

LB Partners LLC grew its stake in shares of Gogo Inc. (NASDAQ:GOGO) by 30.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,228,979 shares of the technology company’s stock after buying an additional 745,000 shares during the quarter. Gogo makes up 17.8% of LB Partners LLC’s holdings, making the stock its biggest holding. LB Partners LLC’s holdings in Gogo were worth $27,737,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. William Blair Investment Management LLC boosted its holdings in shares of Gogo by 124.8% during the 2nd quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock valued at $83,292,000 after acquiring an additional 3,149,585 shares in the last quarter. Millennium Management LLC raised its position in Gogo by 439.5% in the first quarter. Millennium Management LLC now owns 709,003 shares of the technology company’s stock valued at $6,112,000 after purchasing an additional 577,575 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Gogo by 171.8% during the second quarter. Invesco Ltd. now owns 501,944 shares of the technology company’s stock valued at $7,369,000 after purchasing an additional 317,264 shares in the last quarter. Select Equity Group L.P. boosted its stake in shares of Gogo by 24.1% during the second quarter. Select Equity Group L.P. now owns 500,007 shares of the technology company’s stock valued at $7,340,000 after purchasing an additional 97,020 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Gogo by 1.6% during the second quarter. Bank of New York Mellon Corp now owns 450,583 shares of the technology company’s stock worth $6,615,000 after purchasing an additional 7,014 shares during the last quarter. 69.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GOGO shares. William Blair downgraded shares of Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gogo in a research note on Monday, December 29th. Finally, Morgan Stanley set a $8.00 price objective on shares of Gogo in a research note on Friday, January 16th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $12.25.

Gogo Stock Performance

NASDAQ:GOGO opened at $4.89 on Friday. The company has a market capitalization of $654.53 million, a PE ratio of -97.80 and a beta of 0.96. The company has a 50 day simple moving average of $5.54 and a two-hundred day simple moving average of $9.16. The company has a debt-to-equity ratio of 7.79, a quick ratio of 1.40 and a current ratio of 1.74. Gogo Inc. has a fifty-two week low of $4.44 and a fifty-two week high of $16.82.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.12). Gogo had a positive return on equity of 71.74% and a negative net margin of 0.65%.The firm had revenue of $223.59 million during the quarter, compared to analyst estimates of $222.23 million. During the same quarter last year, the firm posted $0.08 EPS. The firm’s revenue for the quarter was up 122.4% on a year-over-year basis. Research analysts anticipate that Gogo Inc. will post 0.41 earnings per share for the current year.

Insider Transactions at Gogo

In other news, insider Oakleigh Thorne purchased 170,000 shares of the business’s stock in a transaction on Friday, December 12th. The shares were acquired at an average price of $5.34 per share, with a total value of $907,800.00. Following the completion of the transaction, the insider owned 954,098 shares of the company’s stock, valued at $5,094,883.32. The trade was a 21.68% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 25.78% of the stock is currently owned by insiders.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.