Global technology consultant Thoughtworks Holding, Inc. (TWKS) has plans to expand its footprint to Vietnam. Thoughtworks drives digital innovation by integrating strategy, design, and engineering.
The company endeavors to generate new work opportunities, nurture talent, and foster thought leadership in key areas of digital transformation, cloud, platforms, data, and AI, as well as product, design, and customer experience.
Management Weighs In
Managing Director of Thoughtworks Southeast Asia, Wong Wen Shun, commented, “This expansion plan reaffirms Thoughtworks’ commitment and market position in the Asia Pacific region. It will provide wider collaboration potential between our clients, partners, and employees and strengthen the availability and supply of premium services for our clients in the region. This strategic move will also allow us to leverage a new community of talent who will help us further innovate and deliver extraordinary impact for our clients.”
The company’s plans include the opening of an office in Vietnam’s Ho Chi Minh City in the middle of 2022.
Analyst Take
Robert W. Baird analyst David Koning has reiterated a Hold rating on the stock but decreased the price target to $25 from $30.
Overall, the Street has a Moderate Buy consensus rating on Thoughtworks based on five Buys and two Holds. The average Thoughtworks price target of $27.29 implies a potential upside of 43.71%. That’s after a nearly 29% slide in share prices so far this year.
Closing Note
This strategic move is part of the company’s efforts to achieve geographical diversification in its business while meeting service demand in the Southeast Asia and Australia region.
Importantly, TipRanks database highlights that blogger sentiment on Thoughtworks remains Bullish at present.
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