Thoughtworks (NASDAQ:TWKS) Given New $3.25 Price Target at Citigroup

Thoughtworks (NASDAQ:TWKS) had its target price raised by Citigroup from $2.50 to $3.25 in a research report report published on Wednesday morning, Benzinga reports. Citigroup currently has a neutral rating on the stock.

TWKS has been the topic of several other research reports. Piper Sandler cut their price objective on Thoughtworks from $5.00 to $3.40 and set a neutral rating on the stock in a report on Tuesday, February 27th. Royal Bank of Canada reduced their price target on Thoughtworks from $6.00 to $5.00 and set a sector perform rating on the stock in a report on Wednesday, February 28th. Robert W. Baird lifted their target price on shares of Thoughtworks from $5.00 to $6.00 and gave the stock an outperform rating in a research report on Wednesday. Wedbush restated an outperform rating and issued a $6.00 price target on shares of Thoughtworks in a research report on Wednesday. Finally, William Blair reiterated a market perform rating on shares of Thoughtworks in a report on Wednesday, February 28th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $4.94.

Thoughtworks Price Performance

Shares of TWKS stock opened at $3.07 on Wednesday. Thoughtworks has a twelve month low of $2.19 and a twelve month high of $8.41. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $2.47 and a 200 day simple moving average of $3.67. The company has a market cap of $991.09 million, a P/E ratio of -13.95 and a beta of 0.97.

Thoughtworks (NASDAQ:TWKS) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.04) earnings per share for the quarter. The company had revenue of $252.39 million during the quarter, compared to analyst estimates of $268.34 million. Thoughtworks had a negative net margin of 6.09% and a negative return on equity of 2.46%. On average, sell-side analysts forecast that Thoughtworks will post -0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Thoughtworks

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Thoughtworks by 5.4% in the third quarter. Vanguard Group Inc. now owns 11,059,928 shares of the company’s stock worth $45,125,000 after acquiring an additional 564,141 shares in the last quarter. Mubadala Investment Co PJSC acquired a new stake in Thoughtworks in the 4th quarter valued at $37,411,000. Summit Creek Advisors LLC increased its stake in Thoughtworks by 22.6% during the 4th quarter. Summit Creek Advisors LLC now owns 1,326,644 shares of the company’s stock valued at $6,381,000 after purchasing an additional 244,693 shares in the last quarter. LGT Capital Partners LTD. acquired a new position in Thoughtworks during the fourth quarter worth $4,233,000. Finally, B. Riley Asset Management LLC lifted its position in Thoughtworks by 80.6% in the 3rd quarter. B. Riley Asset Management LLC now owns 561,885 shares of the company’s stock valued at $2,292,000 after acquiring an additional 250,785 shares in the last quarter. Institutional investors and hedge funds own 32.81% of the company’s stock.

About Thoughtworks

Thoughtworks Holding, Inc provides technology consultancy services in North America, the Asia Pacific, Europe, and Latin America. The company's consultancy services integrate strategy, design, and software engineering to enable enterprises and technology disruptors to thrive as modern digital businesses.