Zacks Investment Research Downgrades InnerWorkings, Inc. (NASDAQ:INWK) to Sell

InnerWorkings, Inc. (NASDAQ:INWK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.

According to Zacks, “INNERWORKINGS are a leading global provider of managed print and promotional procurement solutions to corporate clients. With proprietary technology, an extensive supplier network and domain expertise, they procure, manage and deliver printed products as part of a comprehensive outsourced enterprise solution. Their technology is designed to capitalize on excess manufacturing capacity and other inefficiencies in the traditional print supply chain to obtain favorable pricing and to deliver high quality products and services for our clients. “

A number of other equities research analysts also recently issued reports on INWK. Barrington Research upped their price target on shares of InnerWorkings from $12.00 to $13.00 and gave the company an “outperform” rating in a research note on Wednesday, May 10th. Wunderlich reaffirmed a “buy” rating and set a $15.00 price target on shares of InnerWorkings in a research note on Friday, June 30th. Finally, BidaskClub downgraded shares of InnerWorkings from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $13.33.

InnerWorkings (NASDAQ INWK) opened at 10.65 on Thursday. InnerWorkings has a 12 month low of $8.07 and a 12 month high of $11.94. The company has a 50-day moving average of $11.48 and a 200-day moving average of $10.52. The stock has a market cap of $569.96 million, a PE ratio of 30.96 and a beta of 1.59.

InnerWorkings (NASDAQ:INWK) last released its quarterly earnings results on Monday, August 7th. The business services provider reported $0.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.01. The company had revenue of $279.53 million for the quarter, compared to the consensus estimate of $282.62 million. InnerWorkings had a net margin of 1.76% and a return on equity of 8.84%. InnerWorkings’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 earnings per share. On average, equities analysts forecast that InnerWorkings will post $0.48 EPS for the current fiscal year.

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Several large investors have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of InnerWorkings by 5.4% in the fourth quarter. State Street Corp now owns 645,168 shares of the business services provider’s stock valued at $6,356,000 after buying an additional 33,138 shares in the last quarter. Guggenheim Capital LLC purchased a new stake in shares of InnerWorkings during the fourth quarter valued at $348,000. Norges Bank purchased a new stake in shares of InnerWorkings during the fourth quarter valued at $700,000. Highbridge Capital Management LLC purchased a new stake in shares of InnerWorkings during the fourth quarter valued at $186,000. Finally, Perkins Capital Management Inc. increased its stake in shares of InnerWorkings by 60.0% in the first quarter. Perkins Capital Management Inc. now owns 40,000 shares of the business services provider’s stock valued at $398,000 after buying an additional 15,000 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

About InnerWorkings

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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