Federated Hermes Inc. Sells 300,442 Shares of Gogo Inc. (NASDAQ:GOGO)

Posted by on Mar 11th, 2023

Federated Hermes Inc. lowered its position in shares of Gogo Inc. (NASDAQ:GOGO – Get Rating) by 60.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 196,754 shares of the technology company’s stock after selling 300,442 shares during the quarter. Federated Hermes Inc. owned approximately 0.15% of Gogo worth $2,385,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp raised its position in shares of Gogo by 74.2% during the second quarter. State Street Corp now owns 2,205,326 shares of the technology company’s stock worth $35,704,000 after acquiring an additional 939,632 shares during the last quarter. Capco Asset Management LLC increased its holdings in Gogo by 0.5% in the third quarter. Capco Asset Management LLC now owns 1,293,652 shares of the technology company’s stock valued at $15,679,000 after purchasing an additional 6,823 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Gogo by 43.9% in the second quarter. Renaissance Technologies LLC now owns 903,401 shares of the technology company’s stock valued at $14,626,000 after purchasing an additional 275,501 shares during the last quarter. Sycale Advisors NY LLC increased its holdings in Gogo by 14.0% in the third quarter. Sycale Advisors NY LLC now owns 814,024 shares of the technology company’s stock valued at $9,865,000 after purchasing an additional 99,994 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Gogo by 48.3% in the third quarter. Dimensional Fund Advisors LP now owns 642,513 shares of the technology company’s stock valued at $7,787,000 after purchasing an additional 209,263 shares during the last quarter. Institutional investors own 64.41% of the company’s stock.

Gogo Trading Down 1.5 %

NASDAQ:GOGO opened at $15.33 on Friday. Gogo Inc. has a 1 year low of $11.57 and a 1 year high of $23.69. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 21.59 and a beta of 1.32. The stock has a 50-day moving average price of $15.91 and a two-hundred day moving average price of $14.82.

Gogo (NASDAQ:GOGO – Get Rating) last posted its earnings results on Tuesday, February 28th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.06. Gogo had a negative return on equity of 56.06% and a net margin of 22.78%. The firm had revenue of $108.16 million during the quarter, compared to analysts’ expectations of $107.16 million. During the same period in the previous year, the firm earned $0.17 earnings per share. The company’s revenue was up 17.2% on a year-over-year basis. Sell-side analysts forecast that Gogo Inc. will post 0.59 earnings per share for the current year.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Gogo from a “hold” rating to a “sell” rating in a report on Wednesday.

About Gogo

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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 a customizable suite of smart cabin systems for highly integrated connectivity, in-flight entertainment, and voice solutions.

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Institutional Ownership by Quarter for Gogo (NASDAQ:GOGO)

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