On September 20, 2023, it was reported that Harbor Capital Advisors Inc. had significantly increased its holdings in Thoughtworks Holding, Inc. during the second quarter. According to their filing with the Securities and Exchange Commission (SEC), Harbor Capital Advisors Inc. now owns 60,167 shares of the company’s stock, representing a 335.0% increase from the previous quarter.
At the end of the most recent quarter, Harbor Capital Advisors Inc.’s holdings in Thoughtworks were valued at $454,000. This substantial increase in holdings demonstrates investor confidence in the company’s potential for growth and success in the market.
Thoughtworks Holding, Inc., traded on NASDAQ under the ticker symbol TWKS, recently released its quarterly earnings results on Tuesday, August 8th. The company reported earnings per share of ($0.01) for the quarter, which aligned with analysts’ consensus estimates.
In addition to this modest performance in earnings per share, Thoughtworks also faced challenges with a negative net margin of 2.88% and a negative return on equity of 1.42%. However, it is important to note that these figures may not accurately reflect the overall health and prospects of the company.
During this period, Thoughtworks generated $287.22 million in revenue for the quarter; however, this fell short of analysts’ expectations of $301.92 million. Despite these figures falling slightly below forecasts, sell-side analysts still anticipate that Thoughtworks Holding will post earnings per share of -0.02 for the current year.
Thoughtworks Holding specializes in providing technology consultancy services across various regions including North America, Asia Pacific, Europe, and Latin America. Their consultancy services revolve around integrating strategy, design, and software engineering to help both established enterprises and technology disruptors thrive as modern digital businesses.
The increased holdings by Harbor Capital Advisors Inc., coupled with Thoughtworks’ commitment to delivering innovative technology solutions, showcase a positive trajectory for the company moving forward. As the digital landscape continues to evolve, Thoughtworks Holding is well-positioned to capitalize on market opportunities and drive future growth in the technology consultancy industry.
Thoughtworks Holding, Inc.
TWKS
Strong Buy
Updated on: 04/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Institutional Investors Adjust Holdings of Thoughtworks as Company Faces Mixed Ratings from Financial Institutions
In recent news, several institutional investors have adjusted their holdings of the company Thoughtworks. One notable change is MetLife Investment Management LLC acquiring a new position in shares of Thoughtworks during the first quarter. The value of this acquisition is estimated to be approximately $31,000. Additionally, Assetmark Inc. has increased its ownership of Thoughtworks by 61.9% in the fourth quarter, now owning 3,255 shares valued at $33,000. Another investor, Advisors Asset Management Inc., also acquired a new position in Thoughtworks valued at $44,000 during the first quarter. State of Wyoming has increased its stake in the company by 179.7% in the fourth quarter, now owning 4,693 shares valued at $48,000 after acquiring an additional 3,015 shares. Lastly, Numerai GP LLC acquired a new position in Thoughtworks during the first quarter with a value of $76,000. It is important to note that 27% of Thoughtworks’ stock is owned by institutional investors and hedge funds.
Moving on to market performance, NASDAQ:TWKS opened at $4.12 on Wednesday. The company maintains a quick ratio and current ratio both at 3.01 while having a debt-to-equity ratio of 0.36. In terms of share prices over the past year, Thoughtworks Holding, Inc.’s lowest point was recorded at $4.08 and its highest point reached $12.45. As for the stock’s moving averages, the fifty-day simple moving average stands at $5.68 while the two-hundred-day simple moving average stands slightly higher at $6.79.
Several financial institutions have released reports regarding TWKS (Thoughtworks). In one instance, Piper Sandler lowered their price target from $7 to $6 and designated a “neutral” rating for the stock in their research note on August 8th. TD Cowen also downgraded their rating for Thoughtworks from “outperform” to “market perform” while reducing the price target from $9 to $6 in a research note on August 10th. Royal Bank of Canada followed a similar trend by downgrading the stock from “outperform” to “sector perform” and dropping the price target from $10 to $6 in their research note on August 8th. Lastly, Citigroup reduced the price target from $7 to $5 and maintained a “neutral” rating on the stock in their research note on August 9th. Amongst multiple analysts, there is a consensus that the company’s stock should be held, with five analysts giving it a hold rating and one analyst recommending a buy rating. According to Bloomberg.com, the average target price specified for Thoughtworks stands at $8.44.
For more comprehensive information on Thoughtworks’ current standing and prospects, readers are encouraged to refer to our latest report on TWKS.
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