Thoughtworks (NASDAQ:TWKS) Posts Earnings Results, Meets Estimates

Thoughtworks (NASDAQ:TWKSGet Rating) announced its quarterly earnings data on Monday. The company reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates of $0.11, Briefing.com reports. The business had revenue of $332.10 million during the quarter, compared to the consensus estimate of $328.09 million. Thoughtworks had a negative return on equity of 17.10% and a negative net margin of 12.27%. The firm’s quarterly revenue was up 27.5% on a year-over-year basis.

Thoughtworks Stock Performance

Shares of Thoughtworks stock traded down $0.92 during trading hours on Wednesday, hitting $13.72. 4,997 shares of the company were exchanged, compared to its average volume of 474,076. Thoughtworks has a 1 year low of $12.99 and a 1 year high of $34.43. The company has a current ratio of 3.58, a quick ratio of 3.58 and a debt-to-equity ratio of 0.67. The business has a 50-day moving average of $15.15 and a 200-day moving average of $18.14. The stock has a market capitalization of $4.26 billion and a price-to-earnings ratio of -28.15.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on TWKS shares. Cowen lowered their price target on Thoughtworks from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday. Cowen lowered their price target on Thoughtworks from $21.00 to $20.00 in a report on Tuesday. Robert W. Baird lowered their price target on Thoughtworks from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday. Piper Sandler lowered their price target on Thoughtworks from $19.00 to $17.50 and set an “overweight” rating for the company in a report on Tuesday. Finally, Citigroup lowered their price target on Thoughtworks from $24.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.04.

Insider Transactions at Thoughtworks

In other news, insider Angela Ferguson sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $14.59, for a total transaction of $29,180.00. Following the completion of the sale, the insider now owns 146,893 shares in the company, valued at $2,143,168.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. MetLife Investment Management LLC purchased a new position in Thoughtworks in the first quarter worth $31,000. Advisors Asset Management Inc. purchased a new position in shares of Thoughtworks in the first quarter valued at $44,000. PNC Financial Services Group Inc. increased its position in shares of Thoughtworks by 12,615.5% in the first quarter. PNC Financial Services Group Inc. now owns 7,375 shares of the company’s stock valued at $153,000 after buying an additional 7,317 shares in the last quarter. Citigroup Inc. increased its position in shares of Thoughtworks by 52.3% in the first quarter. Citigroup Inc. now owns 7,897 shares of the company’s stock valued at $165,000 after buying an additional 2,713 shares in the last quarter. Finally, Principal Financial Group Inc. purchased a new position in shares of Thoughtworks in the second quarter valued at $164,000. Hedge funds and other institutional investors own 17.02% of the company’s stock.

Thoughtworks Company Profile

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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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