Tenzing Global Management LLC Cuts Holdings in Gogo Inc. (NASDAQ:GOGO)

Tenzing Global Management LLC lowered its position in shares of Gogo Inc. (NASDAQ:GOGO) by 39.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,300,000 shares of the technology company’s stock after selling 837,500 shares during the quarter. Gogo comprises 6.6% of Tenzing Global Management LLC’s investment portfolio, making the stock its 5th biggest holding. Tenzing Global Management LLC owned about 1.03% of Gogo worth $9,334,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of GOGO. State Street Corp raised its holdings in shares of Gogo by 2.1% during the third quarter. State Street Corp now owns 2,461,691 shares of the technology company’s stock valued at $17,675,000 after purchasing an additional 51,681 shares during the period. Quarry LP acquired a new position in shares of Gogo during the third quarter valued at about $175,000. Point72 DIFC Ltd raised its holdings in shares of Gogo by 59.8% during the third quarter. Point72 DIFC Ltd now owns 19,382 shares of the technology company’s stock valued at $139,000 after purchasing an additional 7,252 shares during the period. Paloma Partners Management Co acquired a new position in shares of Gogo during the third quarter valued at about $218,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Gogo by 110.1% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 23,454 shares of the technology company’s stock valued at $168,000 after purchasing an additional 12,289 shares during the period. Institutional investors own 69.60% of the company’s stock.

Gogo Stock Down 2.4 %

GOGO opened at $7.38 on Friday. The company has a 50 day moving average of $7.35 and a 200 day moving average of $8.28. The company has a market cap of $928.26 million, a PE ratio of 17.16 and a beta of 1.18. Gogo Inc. has a 12 month low of $6.17 and a 12 month high of $11.17. The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Morgan Stanley lowered their target price on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Finally, Roth Mkm reiterated a “buy” rating and issued a $15.50 price objective 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.