Allspring Global Investments Holdings LLC Cuts Holdings in Kyndryl Holdings, Inc. $KD

Allspring Global Investments Holdings LLC lowered its position in Kyndryl Holdings, Inc. (NYSE:KD) by 20.8% in the third quarter, Holdings Channel reports. The fund owned 1,577,127 shares of the company’s stock after selling 413,369 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Kyndryl were worth $47,345,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Kyndryl by 6.2% in the second quarter. GAMMA Investing LLC now owns 4,590 shares of the company’s stock valued at $193,000 after buying an additional 268 shares in the last quarter. MAI Capital Management increased its holdings in shares of Kyndryl by 12.7% in the 1st quarter. MAI Capital Management now owns 2,641 shares of the company’s stock valued at $83,000 after acquiring an additional 297 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Kyndryl by 0.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 65,500 shares of the company’s stock worth $2,748,000 after acquiring an additional 300 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Kyndryl by 0.5% during the 1st quarter. Intech Investment Management LLC now owns 66,751 shares of the company’s stock worth $2,096,000 after acquiring an additional 318 shares in the last quarter. Finally, Assetmark Inc. lifted its stake in Kyndryl by 75.3% during the second quarter. Assetmark Inc. now owns 775 shares of the company’s stock worth $33,000 after purchasing an additional 333 shares during the last quarter. Institutional investors and hedge funds own 71.53% of the company’s stock.

Kyndryl Stock Down 0.2%

Shares of NYSE KD opened at $26.53 on Friday. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 15.70 and a beta of 1.85. Kyndryl Holdings, Inc. has a 52 week low of $23.28 and a 52 week high of $44.20. The firm has a 50-day moving average price of $26.47 and a 200 day moving average price of $31.49. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.24.

Kyndryl (NYSE:KD) last posted its earnings results on Tuesday, November 4th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.05. Kyndryl had a return on equity of 25.76% and a net margin of 2.71%.The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the previous year, the business earned $0.01 earnings per share. Kyndryl’s quarterly revenue was down 1.4% compared to the same quarter last year. Equities research analysts anticipate that Kyndryl Holdings, Inc. will post 0.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

KD has been the subject of several recent analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Kyndryl from $45.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Morgan Stanley assumed coverage on shares of Kyndryl in a research note on Friday, September 26th. They set an “equal weight” rating and a $30.00 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Kyndryl in a research note on Wednesday, October 8th. Zacks Research raised Kyndryl from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Finally, Susquehanna set a $35.00 target price on Kyndryl in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Kyndryl presently has an average rating of “Moderate Buy” and a consensus price target of $38.00.

Insider Activity at Kyndryl

In related news, SVP Vineet Khurana sold 6,641 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $26.69, for a total value of $177,248.29. Following the sale, the senior vice president directly owned 59,708 shares of the company’s stock, valued at approximately $1,593,606.52. This represents a 10.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is owned by corporate insiders.

About Kyndryl

Kyndryl (NYSE: KD) is a global managed infrastructure services provider formed in November 2021 through the spin-off of IBM’s Managed Infrastructure Services business. The company designs, builds, manages and modernizes critical information technology systems for enterprises worldwide. Kyndryl’s core offerings include cloud migration and management, network and edge computing solutions, digital workplace services and IT resiliency and security capabilities.

With a workforce of approximately 90,000 professionals and operations in more than 60 countries, Kyndryl serves clients across a broad range of industries, including financial services, telecommunications, healthcare, manufacturing and retail.