Louisiana State Employees Retirement System Sells 1,900 Shares of Gogo Inc. (NASDAQ:GOGO)

Louisiana State Employees Retirement System lessened its position in Gogo Inc. (NASDAQ:GOGO) by 6.2% in the third quarter, HoldingsChannel.com reports. The fund owned 28,800 shares of the technology company’s stock after selling 1,900 shares during the period. Louisiana State Employees Retirement System’s holdings in Gogo were worth $207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC bought a new position in shares of Gogo in the 3rd quarter valued at about $72,000. LB Partners LLC lifted its stake in shares of Gogo by 12.4% during the 3rd quarter. LB Partners LLC now owns 2,045,000 shares of the technology company’s stock worth $14,683,000 after buying an additional 225,000 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Gogo during the 3rd quarter worth about $34,000. SG Americas Securities LLC lifted its stake in shares of Gogo by 149.8% during the 3rd quarter. SG Americas Securities LLC now owns 28,177 shares of the technology company’s stock worth $202,000 after buying an additional 16,898 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of Gogo during the 2nd quarter worth about $117,000. Institutional investors own 69.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on GOGO shares. Roth Mkm restated a “buy” rating and set a $15.50 target price on shares of Gogo in a research note on Tuesday, September 17th. JPMorgan Chase & Co. cut their target price on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Finally, Morgan Stanley cut their target price on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 3rd.

Gogo Price Performance

Shares of Gogo stock opened at $8.02 on Thursday. Gogo Inc. has a twelve month low of $6.17 and a twelve month high of $11.17. The company has a quick ratio of 3.16, a current ratio of 3.95 and a debt-to-equity ratio of 11.25. The company has a 50-day simple moving average of $7.11 and a two-hundred day simple moving average of $8.51. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 15.73 and a beta of 1.10.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings data on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). The business had revenue of $102.10 million during the quarter, compared to analyst estimates of $99.02 million. Gogo had a return on equity of 145.01% and a net margin of 16.59%. Gogo’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 EPS. Analysts forecast that Gogo Inc. will post 0.35 EPS for the current year.

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.