Royal Bank of Canada Trims Thoughtworks (NASDAQ:TWKS) Target Price to $12.00

Thoughtworks (NASDAQ:TWKS – Get Rating) had its price target cut by equities researchers at Royal Bank of Canada from $14.00 to $12.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 55.44% from the stock’s previous close.

A number of other brokerages have also weighed in on TWKS. Citigroup decreased their price target on shares of Thoughtworks from $12.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday. Cowen decreased their price target on shares of Thoughtworks from $16.00 to $12.00 in a report on Tuesday, November 15th. Piper Sandler decreased their price target on shares of Thoughtworks from $9.50 to $7.50 and set a “neutral” rating on the stock in a report on Wednesday. Robert W. Baird decreased their price target on shares of Thoughtworks from $12.00 to $8.00 in a report on Wednesday. Finally, Cowen decreased their price target on shares of Thoughtworks from $13.00 to $10.00 in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Thoughtworks presently has an average rating of “Hold” and an average price target of $10.06.

Thoughtworks Stock Up 1.4 %

TWKS stock opened at $7.72 on Wednesday. The stock has a market capitalization of $2.40 billion, a P/E ratio of -22.06, a PEG ratio of 2.20 and a beta of 0.89. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.64 and a current ratio of 2.64. Thoughtworks has a one year low of $6.57 and a one year high of $22.29. The company has a 50 day moving average price of $10.23 and a two-hundred day moving average price of $10.45.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Alliancebernstein L.P. lifted its stake in Thoughtworks by 9.5% during the fourth quarter. Alliancebernstein L.P. now owns 33,311 shares of the company’s stock valued at $339,000 after purchasing an additional 2,877 shares during the last quarter. State of Wyoming increased its stake in shares of Thoughtworks by 179.7% during the 4th quarter. State of Wyoming now owns 4,693 shares of the company’s stock worth $48,000 after purchasing an additional 3,015 shares during the last quarter. CI Private Wealth LLC acquired a new position in shares of Thoughtworks during the 4th quarter worth $193,000. Siemens AG bought a new stake in shares of Thoughtworks during the 4th quarter worth $246,109,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Thoughtworks during the 4th quarter worth $2,449,000. 19.74% of the stock is owned by institutional investors and hedge funds.

About Thoughtworks

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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.