Wells Fargo & Company MN Cuts Stake in InnerWorkings, Inc. (INWK)
Wells Fargo & Company MN reduced its position in InnerWorkings, Inc. (NASDAQ:INWK) by 16.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,600 shares of the business services provider’s stock after selling 6,652 shares during the quarter. Wells Fargo & Company MN owned 0.06% of InnerWorkings worth $389,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Legal & General Group Plc boosted its holdings in InnerWorkings by 10.4% during the 2nd quarter. Legal & General Group Plc now owns 10,713 shares of the business services provider’s stock valued at $124,000 after acquiring an additional 1,007 shares during the period. Prudential Financial Inc. boosted its holdings in InnerWorkings by 6.8% during the 2nd quarter. Prudential Financial Inc. now owns 13,593 shares of the business services provider’s stock valued at $158,000 after acquiring an additional 860 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in InnerWorkings during the 2nd quarter valued at about $194,000. Alliancebernstein L.P. boosted its holdings in InnerWorkings by 11.8% during the 1st quarter. Alliancebernstein L.P. now owns 17,000 shares of the business services provider’s stock valued at $169,000 after acquiring an additional 1,800 shares during the period. Finally, American International Group Inc. boosted its holdings in InnerWorkings by 7.0% during the 1st quarter. American International Group Inc. now owns 23,658 shares of the business services provider’s stock valued at $236,000 after acquiring an additional 1,558 shares during the period. Institutional investors own 80.70% of the company’s stock.
Several equities research analysts recently weighed in on the company. Zacks Investment Research cut InnerWorkings from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Dougherty & Co started coverage on InnerWorkings in a report on Tuesday, October 31st. They set a “buy” rating and a $14.00 target price for the company. Lake Street Capital started coverage on InnerWorkings in a research report on Monday, October 2nd. They set a “buy” rating and a $14.00 price target for the company. Finally, BidaskClub lowered InnerWorkings from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $13.60.
InnerWorkings, Inc. (NASDAQ INWK) opened at $10.23 on Thursday. The company has a market capitalization of $563.41, a P/E ratio of 22.15, a price-to-earnings-growth ratio of 1.60 and a beta of 1.70. The company has a current ratio of 1.86, a quick ratio of 1.63 and a debt-to-equity ratio of 0.51. InnerWorkings, Inc. has a 52-week low of $8.84 and a 52-week high of $12.03.
InnerWorkings (NASDAQ:INWK) last announced its earnings results on Tuesday, November 7th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. InnerWorkings had a return on equity of 9.53% and a net margin of 2.04%. The firm had revenue of $288.40 million during the quarter, compared to analyst estimates of $289.82 million. During the same quarter in the prior year, the company earned $0.11 EPS. The business’s revenue was up 3.0% compared to the same quarter last year. equities research analysts forecast that InnerWorkings, Inc. will post 0.48 earnings per share for the current fiscal year.
InnerWorkings, Inc is a marketing execution company. The Company’s software applications and databases create an integrated solution that stores, analyzes and tracks the production capabilities of its supplier network, as well as detailed pricing data. The Company’s segments include North America and International.
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