Citigroup Cuts Thoughtworks (NASDAQ:TWKS) Price Target to $2.50

Thoughtworks (NASDAQ:TWKS - Free Report) had its target price cut by Citigroup from $2.75 to $2.50 in a research note released on Monday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also weighed in on the stock. Robert W. Baird raised shares of Thoughtworks from a neutral rating to an outperform rating and set a $6.00 target price on the stock in a report on Tuesday, January 2nd. Royal Bank of Canada reduced their price target on shares of Thoughtworks from $6.00 to $5.00 and set a sector perform rating on the stock in a research report on Wednesday, February 28th. Piper Sandler reduced their price target on shares of Thoughtworks from $5.00 to $3.40 and set a neutral rating on the stock in a research report on Tuesday, February 27th. Finally, William Blair reiterated a market perform rating on shares of Thoughtworks in a research report on Wednesday, February 28th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $4.58.

Thoughtworks Price Performance

Shares of TWKS traded up $0.11 during trading hours on Monday, hitting $2.43. The stock had a trading volume of 652,474 shares, compared to its average volume of 789,411. The company's fifty day moving average is $2.88 and its two-hundred day moving average is $3.79. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.69 and a quick ratio of 2.69. Thoughtworks has a 52 week low of $2.19 and a 52 week high of $8.41. The stock has a market capitalization of $784.47 million, a price-to-earnings ratio of -11.05 and a beta of 0.99.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TWKS. SG Americas Securities LLC acquired a new position in Thoughtworks during the 3rd quarter valued at about $56,000. Harbor Capital Advisors Inc. lifted its position in Thoughtworks by 83.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 110,612 shares of the company's stock valued at $451,000 after purchasing an additional 50,445 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Thoughtworks by 31.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,659 shares of the company's stock valued at $80,000 after purchasing an additional 4,681 shares during the period. Summit Creek Advisors LLC lifted its position in Thoughtworks by 18.7% during the 3rd quarter. Summit Creek Advisors LLC now owns 1,081,951 shares of the company's stock valued at $4,414,000 after purchasing an additional 170,703 shares during the period. Finally, Victory Capital Management Inc. acquired a new position in Thoughtworks during the 3rd quarter valued at about $41,000. 32.81% of the stock is currently owned by institutional investors and hedge funds.

Thoughtworks Company Profile

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.