As of August 17, 2023, shares of Thoughtworks Holding, Inc. (NASDAQ:TWKS) have received an average recommendation of “Hold” from the six research firms currently covering the company, according to a report by Bloomberg Ratings. Among these analysts, five have suggested holding the stock, while one has recommended buying it. The average twelve-month price target set by brokers who have recently updated their coverage on the stock is $8.44.
In addition to analyst opinions, there have been notable changes in the positions held by institutional investors in relation to Thoughtworks’ stock. MetLife Investment Management LLC, for instance, acquired a new position during the first quarter of this year worth approximately $31,000. Similarly, Advisors Asset Management Inc. purchased a stake valued at around $44,000 in the same period.
Another institutional investor that increased its holdings in Thoughtworks is Assetmark Inc., which saw a 61.9% rise in its shares in the fourth quarter of last year. Currently owning 3,255 shares worth $33,000 after acquiring an additional 1,245 shares last quarter. Similarly significant increases were observed with Parallel Advisors LLC and Quadrant Capital Group LLC growing their stakes by 2,061.4% and 662.9% respectively.
It is worth noting that currently around 26.34% of Thoughtworks’ stock is owned by institutional investors.
These developments among analysts’ recommendations and institutional investor activities indicate mixed sentiments surrounding Thoughtworks’ stock value and future prospects.
For more detailed information on Thoughtworks Holding’s current status and performance updates you can refer to our latest report on the company.
Disclaimer: This article is intended for informational purposes only and should not be interpreted as financial advice or a recommendation to buy or sell any securities mentioned herein.
[bs_slider_forecast ticker=”TWKS”]
In recent days, there has been a flurry of activity surrounding the stock of Thoughtworks. A number of prominent brokerages have chimed in, providing their analysis and opinions on the company’s prospects. The overall sentiment seems to be one of caution and tepidity, with target prices being lowered and ratings downgraded.
One such brokerage is Piper Sandler, who recently reduced their target price on shares of Thoughtworks from $7.00 to $6.00. Furthermore, they assigned a “neutral” rating for the company in their report released on Tuesday, August 8th. This adjustment signals a more reserved outlook towards the stock, perhaps indicating uncertainties regarding its future performance.
Similarly, Citigroup decreased their target price on shares of Thoughtworks from $7.00 to $5.00 in a report published on Wednesday, August 9th. Accompanying this downgrade was a “neutral” rating for the stock. This move by Citigroup suggests a cautionary stance on the part of the brokerage, as they revise their expectations downward.
Adding to this wave of conservative assessments is TD Cowen’s decision to lower shares of Thoughtworks from an “outperform” rating to a “market perform” rating. In conjunction with this alteration came a reduction in their target price for the company from $9.00 to $6.00 in their report dated Thursday, August 10th. Evidently, TD Cowen expresses reservations about the stock’s ability to outperform the market and adjusts its predictions accordingly.
Last but not least, Royal Bank of Canada joined the chorus by downgrading Thoughtworks from an “outperform” rating to a “sector perform” rating in their report released on Tuesday, August 8th. Additionally, they revised their target price for the company downwards from $10.00 to $6.00. This shift in perspective by Royal Bank of Canada further underscores the growing sense of caution surrounding the stock.
These collective actions by these respected brokerages are indicative of the increasingly uncertain outlook for Thoughtworks. The downgraded target prices and neutral/perform ratings highlight a lack of confidence in the company’s ability to perform optimally in the near future. Investors would do well to consider these assessments and exercise prudence when evaluating their position in Thoughtworks.
It is worth noting that these recent evaluations by Piper Sandler, Citigroup, TD Cowen, and Royal Bank of Canada were all released within a short timeframe, enhancing their significance. However, as with any financial analysis, it is important for investors to conduct thorough due diligence and consider multiple perspectives before making any investment decisions.
