Thoughtworks (NASDAQ:TWKS) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Thoughtworks (NASDAQ:TWKS – Get Rating) from a sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “Thoughtworks Holding Inc. is a technology consultancy company which integrates strategy, design and engineering to drive digital innovation. Thoughtworks Holding Inc. is based in CHICAGO. “

TWKS has been the subject of several other research reports. Robert W. Baird reduced their price objective on shares of Thoughtworks from $30.00 to $25.00 in a research report on Thursday, April 14th. Citigroup reduced their price target on shares of Thoughtworks from $30.00 to $24.00 in a research report on Tuesday, May 10th. Royal Bank of Canada reduced their price target on shares of Thoughtworks from $31.00 to $25.00 in a research report on Tuesday, May 10th. Piper Sandler reduced their price target on shares of Thoughtworks from $35.00 to $28.00 and set an overweight rating for the company in a research report on Wednesday, March 2nd. Finally, Credit Suisse Group reduced their price target on shares of Thoughtworks from $31.00 to $25.00 and set a neutral rating for the company in a research report on Wednesday, March 2nd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Buy and a consensus price target of $28.33.

Shares of NASDAQ:TWKS opened at $17.58 on Wednesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.58 and a current ratio of 3.58. Thoughtworks has a twelve month low of $14.41 and a twelve month high of $34.43. The firm has a 50 day simple moving average of $18.84 and a 200-day simple moving average of $22.61.

Thoughtworks (NASDAQ:TWKS – Get Rating) last issued its quarterly earnings data on Monday, May 9th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.11). The company had revenue of $320.90 million for the quarter, compared to analysts’ expectations of $304.25 million. Thoughtworks had a negative return on equity of 22.60% and a negative net margin of 8.85%. The business’s revenue was up 35.1% on a year-over-year basis. As a group, sell-side analysts predict that Thoughtworks will post -0.22 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in TWKS. BlackRock Inc. increased its stake in Thoughtworks by 59.9% in the 1st quarter. BlackRock Inc. now owns 4,722,581 shares of the company’s stock valued at $98,277,000 after buying an additional 1,769,406 shares during the period. GW&K Investment Management LLC acquired a new position in Thoughtworks in the 1st quarter valued at $34,576,000. Ensign Peak Advisors Inc increased its stake in Thoughtworks by 210.2% in the 4th quarter. Ensign Peak Advisors Inc now owns 1,804,513 shares of the company’s stock valued at $48,379,000 after buying an additional 1,222,790 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Thoughtworks by 11.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,276,105 shares of the company’s stock valued at $193,036,000 after buying an additional 952,009 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Thoughtworks during the 3rd quarter worth $25,057,000. 17.02% of the stock is currently owned by institutional investors.

Thoughtworks Company Profile (Get Rating)

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.

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