Geode Capital Management LLC Reduces Stock Position in Gogo Inc. (NASDAQ:GOGO)

Geode Capital Management LLC cut its holdings in Gogo Inc. (NASDAQ:GOGO) by 3.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,491,633 shares of the technology company’s stock after selling 49,755 shares during the quarter. Geode Capital Management LLC’s holdings in Gogo were worth $10,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. nVerses Capital LLC purchased a new stake in Gogo in the 3rd quarter worth approximately $34,000. Brighton Jones LLC bought a new position in shares of Gogo during the third quarter valued at approximately $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Gogo in the second quarter worth $107,000. AQR Capital Management LLC purchased a new stake in Gogo in the second quarter worth $108,000. Finally, Point72 DIFC Ltd bought a new stake in Gogo in the second quarter valued at $117,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Gogo Price Performance

GOGO opened at $8.09 on Wednesday. The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 18.81 and a beta of 1.18. The stock has a fifty day simple moving average of $7.70 and a two-hundred day simple moving average of $7.93. Gogo Inc. has a 12-month low of $6.17 and a 12-month high of $11.17.

Wall Street Analyst Weigh In

GOGO has been the subject of several research reports. Morgan Stanley decreased their price objective on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, September 3rd. Roth Mkm reissued a “buy” rating and issued a $15.50 price target on shares of Gogo in a research note on Tuesday, September 17th.

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.