Thoughtworks (NASDAQ:TWKS) Shares Gap Up Following Insider Buying Activity

Posted by Defense World Staff on Mar 8th, 2023

Shares of Thoughtworks Holding, Inc. (NASDAQ:TWKS – Get Rating) gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $7.74, but opened at $8.21. Thoughtworks shares last traded at $8.31, with a volume of 175,270 shares traded.

Specifically, CEO Guo Xiao acquired 35,000 shares of the stock in a transaction on Thursday, March 2nd. The shares were acquired at an average price of $7.64 per share, for a total transaction of $267,400.00. Following the transaction, the chief executive officer now owns 1,389,647 shares in the company, valued at approximately $10,616,903.08. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 3.90% of the company’s stock.

Wall Street Analyst Weigh In

TWKS has been the topic of a number of recent analyst reports. Citigroup decreased their target price on Thoughtworks from $12.00 to $8.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 1st. JPMorgan Chase & Co. increased their price objective on Thoughtworks from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Tuesday, February 14th. Credit Suisse Group reduced their price objective on Thoughtworks from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, March 1st. Robert W. Baird reduced their price objective on Thoughtworks from $12.00 to $8.00 in a research note on Wednesday, March 1st. Finally, Cowen reduced their price objective on Thoughtworks from $13.00 to $10.00 in a research note on Wednesday, March 1st. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $10.06.

Thoughtworks Stock Down 0.1 %

The business has a 50-day moving average of $10.11 and a 200-day moving average of $10.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.10 and a current ratio of 3.10. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -22.09, a P/E/G ratio of 3.57 and a beta of 0.88.

Institutional Trading of Thoughtworks

Hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC increased its position in shares of Thoughtworks by 164.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 63,971 shares of the company’s stock worth $664,000 after purchasing an additional 39,791 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Thoughtworks by 24.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,967,082 shares of the company’s stock valued at $20,634,000 after acquiring an additional 385,827 shares during the period. Ensign Peak Advisors Inc boosted its holdings in Thoughtworks by 0.3% during the 2nd quarter. Ensign Peak Advisors Inc now owns 2,179,328 shares of the company’s stock valued at $30,751,000 after acquiring an additional 5,730 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Thoughtworks by 8.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,479,055 shares of the company’s stock valued at $120,415,000 after acquiring an additional 928,299 shares during the period. Finally, Summit Creek Advisors LLC boosted its holdings in Thoughtworks by 344.7% during the 3rd quarter. Summit Creek Advisors LLC now owns 382,030 shares of the company’s stock valued at $4,007,000 after acquiring an additional 296,120 shares during the period. 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.