Municipal Employees Retirement System of Michigan bought a new position in shares of InnerWorkings, Inc. (NASDAQ:INWK) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 79,280 shares of the business services provider’s stock, valued at approximately $795,000.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Millennium Management LLC bought a new position in InnerWorkings during the 4th quarter worth about $3,857,000. Raymond James & Associates acquired a new position in shares of InnerWorkings during the 4th quarter worth about $411,000. Two Sigma Investments LP boosted its stake in shares of InnerWorkings by 728.4% during the 4th quarter. Two Sigma Investments LP now owns 227,099 shares of the business services provider’s stock worth $2,278,000 after buying an additional 199,685 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of InnerWorkings by 54.6% during the 4th quarter. Two Sigma Advisers LP now owns 258,799 shares of the business services provider’s stock worth $2,596,000 after buying an additional 91,400 shares during the last quarter. Finally, Ellington Management Group LLC acquired a new position in shares of InnerWorkings during the 4th quarter worth about $173,000. Hedge funds and other institutional investors own 81.04% of the company’s stock.
INWK stock opened at $8.80 on Friday. InnerWorkings, Inc. has a one year low of $8.19 and a one year high of $12.03. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.63 and a current ratio of 1.84. The company has a market cap of $479.60, a PE ratio of 25.14, a PEG ratio of 1.16 and a beta of 1.65.
A number of equities analysts have recently commented on INWK shares. Lake Street Capital restated a “buy” rating and set a $13.00 price objective (down from $14.00) on shares of InnerWorkings in a research note on Tuesday, March 13th. Zacks Investment Research upgraded shares of InnerWorkings from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Friday, January 12th. Two research analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $13.20.
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InnerWorkings Company Profile
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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