Sogou (SOGO) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Sogou (NYSE:SOGO) from a hold rating to a sell rating in a report released on Friday morning.

According to Zacks, “Sogou Inc. operates as an online search engine. The Company develops Internet applications such as map, voice search and smart phone assistant as well as web directory and browser. Sogou Inc. is based in China. “

SOGO has been the topic of several other reports. JPMorgan Chase & Co. downgraded shares of Sogou from an overweight rating to a neutral rating in a research note on Wednesday, August 1st. Deutsche Bank downgraded shares of Sogou from a hold rating to a sell rating and set a $8.20 price target on the stock. in a research note on Tuesday, July 31st. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $12.13.

Shares of NYSE:SOGO traded up $0.16 on Friday, hitting $6.40. The company had a trading volume of 1,505,534 shares, compared to its average volume of 2,609,236. Sogou has a 1-year low of $5.87 and a 1-year high of $15.50. The company has a market cap of $2.95 billion and a P/E ratio of 22.07.

Sogou (NYSE:SOGO) last released its quarterly earnings results on Monday, July 30th. The company reported $0.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.01. The business had revenue of $301.42 million during the quarter, compared to analyst estimates of $304.46 million. During the same quarter last year, the company posted $0.06 earnings per share. The company’s revenue was up 42.9% on a year-over-year basis. On average, equities research analysts expect that Sogou will post 0.24 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in SOGO. Nomura Holdings Inc. grew its stake in shares of Sogou by 949.1% in the second quarter. Nomura Holdings Inc. now owns 1,201,753 shares of the company’s stock valued at $13,736,000 after acquiring an additional 1,087,198 shares in the last quarter. Krane Funds Advisors LLC acquired a new position in shares of Sogou in the second quarter valued at about $8,857,000. Millennium Management LLC acquired a new position in shares of Sogou in the second quarter valued at about $5,860,000. New Silk Road Investment PTE Ltd. acquired a new position in shares of Sogou in the second quarter valued at about $5,715,000. Finally, BlackRock Inc. grew its stake in shares of Sogou by 684.9% in the second quarter. BlackRock Inc. now owns 430,492 shares of the company’s stock valued at $4,921,000 after acquiring an additional 375,646 shares in the last quarter. Institutional investors and hedge funds own 5.55% of the company’s stock.

About Sogou

Sogou Inc provides search and search-related services in the People's Republic of China. The company provides Sogou Search, a search engine; and Sogou Input Method, a Chinese language input software for mobile and PC MAUs. It also offers search and search-related advertising services; Internet value-added services related to the operation of Web games and mobile games developed by third parties; and online reading services, as well as other products and services, including smart hardware products.

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