Gogo (NASDAQ:GOGO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage presently has a $6.50 target price on the technology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 19.93% from the company’s previous close.

According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “

A number of other analysts have also issued reports on the company. Northland Securities reaffirmed a “sell” rating and set a $1.50 target price on shares of Gogo in a research report on Friday, February 22nd. BidaskClub lowered Gogo from a “hold” rating to a “sell” rating in a research report on Wednesday, February 13th. William Blair raised Gogo from a “market perform” rating to an “outperform” rating in a research report on Friday, May 10th. Cowen raised Gogo from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $4.25 to $7.00 in a research report on Thursday, April 18th. Finally, Roth Capital initiated coverage on Gogo in a research report on Monday, May 13th. They set a “buy” rating and a $10.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $7.17.

Shares of NASDAQ GOGO opened at $5.42 on Wednesday. Gogo has a 1 year low of $2.64 and a 1 year high of $7.82. The stock has a market cap of $508.35 million, a PE ratio of -2.96 and a beta of 1.35.

Gogo (NASDAQ:GOGO) last announced its earnings results on Thursday, May 9th. The technology company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.52) by $0.31. The business had revenue of $199.55 million for the quarter, compared to analysts’ expectations of $198.00 million. During the same period in the previous year, the firm posted ($0.34) earnings per share. The firm’s revenue was down 13.9% compared to the same quarter last year. As a group, research analysts predict that Gogo will post -1.73 EPS for the current year.

In other Gogo news, Director Charles C. Townsend bought 277,405 shares of the company’s stock in a transaction dated Wednesday, February 27th. The shares were acquired at an average cost of $4.36 per share, with a total value of $1,209,485.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles C. Townsend bought 64,389 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $5.48 per share, for a total transaction of $352,851.72. The disclosure for this purchase can be found here. 36.20% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of GOGO. MetLife Investment Advisors LLC raised its holdings in Gogo by 56.3% during the 3rd quarter. MetLife Investment Advisors LLC now owns 42,843 shares of the technology company’s stock valued at $222,000 after buying an additional 15,424 shares during the period. Teachers Advisors LLC raised its holdings in Gogo by 33.6% during the 3rd quarter. Teachers Advisors LLC now owns 373,014 shares of the technology company’s stock valued at $1,936,000 after buying an additional 93,763 shares during the period. TIAA CREF Investment Management LLC raised its holdings in Gogo by 7.6% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 449,894 shares of the technology company’s stock valued at $2,335,000 after buying an additional 31,817 shares during the period. Morgan Stanley raised its holdings in Gogo by 220.8% during the 3rd quarter. Morgan Stanley now owns 545,784 shares of the technology company’s stock valued at $2,832,000 after buying an additional 375,640 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Gogo by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 5,245,544 shares of the technology company’s stock valued at $27,225,000 after buying an additional 185,486 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.

Gogo Company Profile

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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