Allspring Global Investments Holdings LLC Decreases Stake in Kyndryl Holdings, Inc. (NYSE:KD)

Allspring Global Investments Holdings LLC reduced its stake in Kyndryl Holdings, Inc. (NYSE:KD) by 7.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,272,242 shares of the company’s stock after selling 252,483 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.42% of Kyndryl worth $71,204,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Fortis Group Advisors LLC raised its position in Kyndryl by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 1,600 shares of the company’s stock worth $33,000 after buying an additional 800 shares during the last quarter. Atlas Capital Advisors LLC purchased a new position in Kyndryl during the 1st quarter worth approximately $33,000. Raleigh Capital Management Inc. raised its position in Kyndryl by 100.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 3,040 shares of the company’s stock worth $46,000 after buying an additional 1,527 shares during the last quarter. Pingora Partners LLC purchased a new position in Kyndryl during the 4th quarter worth approximately $50,000. Finally, RIA Advisory Group LLC purchased a new position in Kyndryl during the 4th quarter worth approximately $138,000. 71.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KD has been the subject of a number of recent research reports. Oppenheimer started coverage on shares of Kyndryl in a research report on Thursday, June 27th. They set an “outperform” rating and a $33.00 price target for the company. Susquehanna lifted their target price on shares of Kyndryl from $27.00 to $33.00 and gave the company a “positive” rating in a report on Thursday, May 9th. Finally, Scotiabank lifted their target price on shares of Kyndryl from $28.00 to $30.00 and gave the company a “sector outperform” rating in a report on Monday, May 13th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $29.40.

Kyndryl Stock Up 0.1 %

Shares of KD opened at $26.79 on Wednesday. Kyndryl Holdings, Inc. has a 12-month low of $11.92 and a 12-month high of $28.60. The company’s 50-day moving average price is $25.23 and its 200 day moving average price is $22.56. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.03 and a current ratio of 1.03.

Kyndryl (NYSE:KD) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.11. Kyndryl had a negative net margin of 2.12% and a negative return on equity of 4.11%. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period in the prior year, the firm earned ($0.21) earnings per share. The business’s revenue for the quarter was down 9.5% compared to the same quarter last year. Equities research analysts expect that Kyndryl Holdings, Inc. will post 1 EPS for the current fiscal year.

Insider Activity at Kyndryl

In related news, SVP Vineet Khurana sold 30,430 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $26.36, for a total value of $802,134.80. Following the completion of the transaction, the senior vice president now directly owns 78,722 shares of the company’s stock, valued at $2,075,111.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.04% of the stock is currently owned by corporate insiders.

About Kyndryl

Kyndryl Holdings, Inc operates as a technology services company and IT infrastructure services provider worldwide. The company offers cloud services; core enterprise and zCloud services; application, data, and artificial intelligence services; digital workplace services; security and resiliency services; and network services and edge services.