Summit Creek Advisors LLC Trims Stock Position in Thoughtworks Holding, Inc. (NASDAQ:TWKS)

Summit Creek Advisors LLC lowered its holdings in shares of Thoughtworks Holding, Inc. (NASDAQ:TWKS) by 6.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,248,911 shares of the company’s stock after selling 86,719 shares during the quarter. Summit Creek Advisors LLC’s holdings in Thoughtworks were worth $3,547,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Arizona State Retirement System increased its holdings in Thoughtworks by 20.5% in the 2nd quarter. Arizona State Retirement System now owns 31,622 shares of the company’s stock worth $90,000 after acquiring an additional 5,369 shares in the last quarter. Catalina Capital Group LLC increased its holdings in Thoughtworks by 67.5% in the 2nd quarter. Catalina Capital Group LLC now owns 17,439 shares of the company’s stock worth $50,000 after acquiring an additional 7,026 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Thoughtworks by 49.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,452 shares of the company’s stock worth $84,000 after acquiring an additional 9,793 shares in the last quarter. State Board of Administration of Florida Retirement System increased its holdings in Thoughtworks by 52.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 40,246 shares of the company’s stock worth $102,000 after acquiring an additional 13,826 shares in the last quarter. Finally, Duality Advisers LP purchased a new stake in Thoughtworks in the 1st quarter worth approximately $36,000. Hedge funds and other institutional investors own 32.81% of the company’s stock.

Analysts Set New Price Targets

TWKS has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Thoughtworks in a report on Monday, June 24th. They issued a “sell” rating and a $2.50 target price for the company. Robert W. Baird reaffirmed a “neutral” rating and set a $4.40 price objective on shares of Thoughtworks in a report on Tuesday, August 6th. Piper Sandler increased their price objective on shares of Thoughtworks from $3.40 to $4.40 and gave the company a “neutral” rating in a report on Tuesday, August 6th. Baird R W lowered shares of Thoughtworks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Thoughtworks in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Thoughtworks presently has an average rating of “Hold” and an average price target of $4.18.

Thoughtworks Stock Down 0.2 %

NASDAQ TWKS opened at $4.39 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.59 and a current ratio of 2.59. The company has a market capitalization of $1.42 billion, a P/E ratio of -15.14 and a beta of 1.14. Thoughtworks Holding, Inc. has a one year low of $2.19 and a one year high of $5.20. The stock has a 50 day moving average price of $3.58 and a 200-day moving average price of $3.06.

Thoughtworks (NASDAQ:TWKS) last posted its earnings results on Monday, August 5th. The company reported ($0.03) EPS for the quarter. The firm had revenue of $251.70 million for the quarter, compared to the consensus estimate of $251.37 million. Thoughtworks had a negative net margin of 11.20% and a negative return on equity of 5.81%. The firm’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.01) earnings per share. As a group, equities analysts predict that Thoughtworks Holding, Inc. will post -0.02 EPS for the current fiscal year.

About Thoughtworks

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.