Principal Financial Group Inc. Cuts Stock Holdings in Gogo Inc. (NASDAQ:GOGO)

Principal Financial Group Inc. reduced its stake in Gogo Inc. (NASDAQ:GOGO) by 0.4% during the first quarter, HoldingsChannel reports. The firm owned 321,702 shares of the technology company’s stock after selling 1,245 shares during the period. Principal Financial Group Inc.’s holdings in Gogo were worth $2,825,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GOGO. Tealwood Asset Management Inc. raised its position in shares of Gogo by 95.6% during the 1st quarter. Tealwood Asset Management Inc. now owns 122,246 shares of the technology company’s stock valued at $1,073,000 after buying an additional 59,750 shares in the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of Gogo by 20.0% during the fourth quarter. Burgundy Asset Management Ltd. now owns 2,399,618 shares of the technology company’s stock worth $24,308,000 after acquiring an additional 400,487 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of 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 worth $458,000 after acquiring an additional 6,179 shares during the last quarter. Aigen Investment Management LP purchased a new stake in shares of Gogo in the 4th quarter valued at $256,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Gogo during the 4th quarter valued at $203,000. 69.60% of the stock is currently owned by institutional investors.

Gogo Stock Up 1.1 %

GOGO traded up $0.11 on Friday, hitting $9.89. The company had a trading volume of 96,815 shares, compared to its average volume of 874,438. The stock has a fifty day simple moving average of $9.90 and a 200-day simple moving average of $9.31. The company has a debt-to-equity ratio of 9.39, a current ratio of 4.20 and a quick ratio of 3.33. The firm has a market capitalization of $1.26 billion, a P/E ratio of 8.36 and a beta of 1.13. Gogo Inc. has a 52-week low of $7.53 and a 52-week high of $17.94.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.10. Gogo had a net margin of 38.61% and a return on equity of 229.65%. The company had revenue of $104.32 million during the quarter, compared to analysts’ expectations of $96.62 million. As a group, equities analysts expect that Gogo Inc. will post 0.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley dropped their target price on Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Gogo presently has an average rating of “Hold” and an average price target of $15.30.

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.