As the world of technology continues to progress at an exponential rate, it is no surprise that companies such as Gogo Inc. (NASDAQ:GOGO) are being watched closely by investors and hedge funds alike. Swiss National Bank recently raised their position in Gogo Inc. by 17.1% during the fourth quarter, according to its most recent filing with the SEC – a move that has sparked curiosity and intrigue within the investment community.
Gogo Inc. has been operating for years in the ever-expanding world of inflight connectivity solutions. The company is renowned for providing quality services that enable passengers to stay connected while on board an aircraft, allowing them to complete work or stay in touch with loved ones during their travels.
Swiss National Bank’s decision to increase their stake in Gogo Inc. comes at a time when the company’s stock sits at a year-long low of $11.57, with a high of $21.78, and it has a market capitalization of $1.87 billion. The price-to-earnings ratio of 21.40 and beta of 1.28 make it an attractive option for investors seeking value.
Currently, Gogo Inc.’s fifty day moving average price is $13.90 with its two-hundred day moving average price sitting at $15.00, which illustrates its volatility in the market due to regular fluctuations in prices.
If you’re interested in keeping tabs on how hedge funds will continue to invest in Gogo Inc., be sure to visit HoldingsChannel.com, which provides up-to-date information on insider trades and 13F filings.
In conclusion, hedge funds taking additional positions in companies such as Gogo Inc., signifies just how much faith investors have placed into technological advancements that not only enhance people’s personal lives but also improve travel experiences overall – from safety measures to entertainment options whilst flying through the air!
Gogo Inc. sees uptick in institutional investor interest and hedge fund holdings
Gogo Inc. (NASDAQ:GOGO) has recently experienced a significant increase in the number of institutional investors and hedge funds modifying their holdings. One such example is New York State Common Retirement Fund, which lifted its position in the technology company’s stock by 16.3% during the third quarter, acquiring an additional 65,609 shares in the process. The lift brought their total ownership to 469,276 shares, valued at $5,688,000. Arizona State Retirement System also boosted their position by 19.3% during the fourth quarter and now owns 16,340 shares worth $241,000.
Furthermore, Tealwood Asset Management Inc. increased its holding by a whopping 46.7% during Q3; they now own 144,713 shares valued at $1,754,000 after acquiring an additional 46,063 shares during the period.
It is interesting to note that although Capco Asset Management LLC only increased their position in Gogo by 0.5% during Q3 to acquire an extra 6,823 shares bringing their total share ownership of Gogo’s stock to 1,293,652 – significantly more than any other fund.
These hedge funds’ acquisition of more of Gogo’s stock could be attributed to StockNews.com beginning coverage on May18th when it gave GOGO a “hold” rating on the stock soon after Gogo released strong earnings for Q1 underpinned by better-than-expected earnings per share of $0.15 as compared to analysts’ consensus estimates of $0.13.
Innovation seems to be driving this particular Tech Company forward with increasing demand for its broadband connectivity services within aviation circles; indeed Q1 results reveal that whilst revenue dipped slightly from analyst estimates ($98.60 million vis-a-vis $101 million forecast), overall income went up year-on-year buoyed by business aviation market clients.
In conclusion, the history of Gogo’s rise to fame began in 1991 when Jimmy Ray founded the company as a broadband connectivity provider specializing in aircraft-related services. Today it boasts over 64.41% institutional investors and hedge funds owning its stock, and this percentage is expected to increase with every passing quarter as more investors take a keen interest.
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