CIBC Increases Boingo Wireless (WIFI) Price Target to $39.00

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Boingo Wireless (NASDAQ:WIFI) had its target price raised by CIBC from $30.00 to $39.00 in a report issued on Friday, September 21st. The brokerage currently has an outperform rating on the technology company’s stock.

WIFI has been the subject of several other reports. Zacks Investment Research upgraded shares of Boingo Wireless from a hold rating to a buy rating and set a $36.00 price objective for the company in a research report on Tuesday, September 4th. Oppenheimer raised their price objective on shares of Boingo Wireless from $30.00 to $39.00 and gave the stock an outperform rating in a research report on Friday, September 21st. BidaskClub raised shares of Boingo Wireless from a hold rating to a buy rating in a research note on Friday, August 3rd. Roth Capital set a $32.00 target price on shares of Boingo Wireless and gave the stock a buy rating in a research note on Thursday, August 2nd. Finally, Craig Hallum increased their target price on shares of Boingo Wireless from $31.00 to $38.00 and gave the stock a buy rating in a research note on Friday, September 7th. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $35.75.

NASDAQ:WIFI traded up $0.54 during trading hours on Friday, reaching $30.56. 495,235 shares of the company were exchanged, compared to its average volume of 470,787. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a market capitalization of $1.48 billion, a PE ratio of -62.37 and a beta of 0.60. Boingo Wireless has a twelve month low of $20.02 and a twelve month high of $35.98.

Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings data on Wednesday, August 1st. The technology company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.19. The company had revenue of $59.60 million during the quarter, compared to analysts’ expectations of $56.52 million. Boingo Wireless had a negative net margin of 2.44% and a negative return on equity of 5.51%. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.20) earnings per share. Research analysts forecast that Boingo Wireless will post -0.21 earnings per share for the current year.

In related news, CEO David Hagan sold 59,500 shares of Boingo Wireless stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $23.44, for a total value of $1,394,680.00. Following the completion of the transaction, the chief executive officer now owns 684,870 shares in the company, valued at $16,053,352.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Tom Tracey sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $31.44, for a total transaction of $786,000.00. Following the sale, the vice president now directly owns 46,605 shares in the company, valued at approximately $1,465,261.20. The disclosure for this sale can be found here. In the last three months, insiders sold 309,365 shares of company stock valued at $9,421,440. Insiders own 3.80% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Boingo Wireless by 11.7% during the second quarter. BlackRock Inc. now owns 3,228,427 shares of the technology company’s stock worth $72,931,000 after purchasing an additional 337,229 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Boingo Wireless by 17.2% during the second quarter. Bank of New York Mellon Corp now owns 1,572,857 shares of the technology company’s stock worth $35,531,000 after purchasing an additional 230,914 shares in the last quarter. Voya Investment Management LLC raised its holdings in Boingo Wireless by 65.6% during the second quarter. Voya Investment Management LLC now owns 1,352,431 shares of the technology company’s stock worth $30,551,000 after purchasing an additional 535,694 shares in the last quarter. Pembroke Management LTD raised its holdings in Boingo Wireless by 43.7% during the second quarter. Pembroke Management LTD now owns 1,062,266 shares of the technology company’s stock worth $23,997,000 after purchasing an additional 323,097 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Boingo Wireless during the second quarter worth approximately $21,830,000. 95.69% of the stock is currently owned by institutional investors.

Boingo Wireless Company Profile

Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices. It designs, builds, monitors, and maintains distributed antenna systems (DAS), Wi-Fi, and small cell networks at managed and operated hotspot locations, such as airports, transportation hubs, stadiums, arenas, military bases, universities, convention centers, and office campuses in North America, Latin America, Europe, the Middle East, Africa, and Asia; and offers software applications and solutions to access its Wi-Fi network of approximately 1.5 million hotspots.

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