Silvercrest Asset Management Group LLC Purchases Shares of 1,748,650 Gogo Inc. (NASDAQ:GOGO)

Silvercrest Asset Management Group LLC purchased a new stake in Gogo Inc. (NASDAQ:GOGO) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,748,650 shares of the technology company’s stock, valued at approximately $14,147,000. Silvercrest Asset Management Group LLC owned approximately 1.39% of Gogo as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GOGO. FMR LLC boosted its position in Gogo by 138.4% in the fourth quarter. FMR LLC now owns 13,475,009 shares of the technology company’s stock valued at $109,013,000 after buying an additional 7,821,973 shares in the last quarter. Nantahala Capital Management LLC boosted its position in Gogo by 441.5% in the fourth quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company’s stock valued at $20,829,000 after buying an additional 2,099,145 shares in the last quarter. Capco Asset Management LLC boosted its position in Gogo by 22.1% in the fourth quarter. Capco Asset Management LLC now owns 3,009,743 shares of the technology company’s stock valued at $24,349,000 after buying an additional 544,178 shares in the last quarter. SCP Investment LP boosted its position in Gogo by 51.0% in the fourth quarter. SCP Investment LP now owns 1,450,000 shares of the technology company’s stock valued at $11,730,000 after buying an additional 490,000 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Gogo by 113.8% in the fourth quarter. Renaissance Technologies LLC now owns 766,100 shares of the technology company’s stock valued at $6,198,000 after buying an additional 407,800 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Gogo news, Director Oakleigh Thorne purchased 30,173 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was acquired at an average cost of $6.57 per share, with a total value of $198,236.61. Following the completion of the purchase, the director now directly owns 711,341 shares in the company, valued at approximately $4,673,510.37. This represents a 4.43% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 25.78% of the stock is currently owned by insiders.

Gogo Price Performance

Shares of GOGO stock opened at $12.56 on Friday. Gogo Inc. has a 1 year low of $6.17 and a 1 year high of $12.90. The firm’s 50 day moving average is $8.05 and its 200-day moving average is $7.90. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 29.21 and a beta of 0.93. The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Friday, May 9th. The technology company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.13. The business had revenue of $230.31 million during the quarter, compared to the consensus estimate of $214.93 million. Gogo had a net margin of 13.94% and a return on equity of 121.96%. Gogo’s revenue for the quarter was up 120.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.23 earnings per share. Sell-side analysts forecast that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. StockNews.com upgraded shares of Gogo from a “sell” rating to a “hold” rating in a research report on Monday, May 12th. Roth Mkm reduced their target price on shares of Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday, March 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.