Cito Capital Group LLC Raises Holdings in Gogo Inc (GOGO)

Cito Capital Group LLC grew its stake in shares of Gogo Inc (NASDAQ:GOGO) by 55.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 222,000 shares of the technology company’s stock after acquiring an additional 79,000 shares during the period. Cito Capital Group LLC owned 0.25% of Gogo worth $1,152,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. CIBC Private Wealth Group LLC grew its holdings in Gogo by 57.1% during the second quarter. CIBC Private Wealth Group LLC now owns 55,000 shares of the technology company’s stock worth $267,000 after acquiring an additional 20,000 shares during the period. Engineers Gate Manager LP grew its holdings in Gogo by 34.8% in the second quarter. Engineers Gate Manager LP now owns 132,288 shares of the technology company’s stock valued at $643,000 after purchasing an additional 34,147 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Gogo by 49.6% in the second quarter. Russell Investments Group Ltd. now owns 179,226 shares of the technology company’s stock valued at $871,000 after purchasing an additional 59,441 shares during the last quarter. Gabelli Funds LLC grew its holdings in Gogo by 7.7% in the second quarter. Gabelli Funds LLC now owns 1,991,000 shares of the technology company’s stock valued at $9,676,000 after purchasing an additional 141,800 shares during the last quarter. Finally, Gamco Investors INC. ET AL grew its holdings in Gogo by 13.0% in the second quarter. Gamco Investors INC. ET AL now owns 1,209,800 shares of the technology company’s stock valued at $5,880,000 after purchasing an additional 139,300 shares during the last quarter. Hedge funds and other institutional investors own 67.31% of the company’s stock.

Gogo stock opened at $4.23 on Monday. Gogo Inc has a fifty-two week low of $3.52 and a fifty-two week high of $11.75.

Gogo (NASDAQ:GOGO) last posted its earnings results on Tuesday, November 6th. The technology company reported ($0.47) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.71) by $0.24. The firm had revenue of $217.26 million during the quarter, compared to analyst estimates of $212.01 million. During the same period last year, the company posted ($0.57) EPS. The firm’s revenue for the quarter was up 25.7% on a year-over-year basis. Sell-side analysts predict that Gogo Inc will post -2.04 EPS for the current year.

Several analysts have weighed in on GOGO shares. BidaskClub raised Gogo from a “sell” rating to a “hold” rating in a report on Tuesday, September 18th. Zacks Investment Research raised Gogo from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. ValuEngine lowered Gogo from a “hold” rating to a “sell” rating in a report on Thursday, September 13th. Finally, Northland Securities set a $2.00 target price on Gogo and gave the company a “sell” rating in a report on Tuesday, November 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $8.30.

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Gogo 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).

Further Reading: What is insider trading?

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Institutional Ownership by Quarter for Gogo (NASDAQ:GOGO)

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