Lord Abbett & CO. LLC acquired a new position in Gogo Inc. (NASDAQ:GOGO) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 1,066,201 shares of the technology company’s stock, valued at approximately $18,445,000.
Several other hedge funds have also recently made changes to their positions in GOGO. Macquarie Group Ltd. bought a new stake in shares of Gogo in the 2nd quarter worth approximately $28,000. Federated Hermes Inc. raised its holdings in shares of Gogo by 106.1% in the 2nd quarter. Federated Hermes Inc. now owns 5,739 shares of the technology company’s stock worth $65,000 after buying an additional 2,955 shares in the last quarter. Metropolitan Life Insurance Co NY acquired a new position in shares of Gogo in the 1st quarter worth approximately $73,000. SG Americas Securities LLC acquired a new stake in Gogo during the 2nd quarter valued at $106,000. Finally, Pinz Capital Management LP acquired a new stake in Gogo during the 2nd quarter valued at $107,000. Institutional investors own 69.24% of the company’s stock.
NASDAQ:GOGO opened at $13.08 on Friday. Gogo Inc. has a 12-month low of $9.18 and a 12-month high of $19.49. The stock’s fifty day simple moving average is $13.64 and its 200-day simple moving average is $13.43.
A number of brokerages have commented on GOGO. Cowen increased their price objective on Gogo from $15.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, October 1st. JPMorgan Chase & Co. upgraded Gogo from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $11.00 to $16.00 in a research report on Thursday, October 7th. Roth Capital increased their price objective on Gogo from $16.50 to $20.50 and gave the company a “buy” rating in a research report on Thursday, September 30th. Finally, Morgan Stanley lowered Gogo from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $13.00 to $14.00 in a research report on Wednesday, October 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.10.
Gogo Company Profile
Gogo, Inc engages in the provision of broadband connectivity services for the business aviation market. It offers a broad suite of integrated equipment, network, and Internet connectivity products and services as well as global support capabilities. It also includes customizable suite of smart cabin systems for highly integrated connectivity, in-flight entertainment, and voice solutions.
Further Reading: Producer Price Index (PPI)
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