Scotiabank Initiates Coverage on Kyndryl (NYSE:KD)

Stock analysts at Scotiabank began coverage on shares of Kyndryl (NYSE:KD) in a report issued on Tuesday, MarketBeat.com reports. The brokerage set an “outperform” rating on the stock.

A number of other equities research analysts have also recently weighed in on the company. Guggenheim upgraded Kyndryl to a “strong-buy” rating in a research note on Wednesday, November 26th. Zacks Research raised shares of Kyndryl from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Susquehanna set a $35.00 price objective on shares of Kyndryl in a research report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kyndryl in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Kyndryl from $45.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Kyndryl Trading Down 0.6%

NYSE:KD opened at $23.69 on Tuesday. The firm has a 50-day simple moving average of $26.10 and a 200-day simple moving average of $29.35. Kyndryl has a one year low of $23.28 and a one year high of $44.20. The firm has a market cap of $5.42 billion, a P/E ratio of 14.02 and a beta of 1.85. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.02 and a current ratio of 1.02.

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

Insiders Place Their Bets

In other Kyndryl news, SVP Vineet Khurana sold 6,641 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $26.69, for a total transaction of $177,248.29. Following the transaction, the senior vice president owned 59,708 shares in the company, valued at approximately $1,593,606.52. This represents a 10.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Kyndryl

A number of large investors have recently made changes to their positions in KD. Assetmark Inc. lifted its position in Kyndryl by 75.3% during the 2nd quarter. Assetmark Inc. now owns 775 shares of the company’s stock worth $33,000 after acquiring an additional 333 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Kyndryl by 192.0% in the third quarter. Smartleaf Asset Management LLC now owns 1,171 shares of the company’s stock worth $35,000 after purchasing an additional 770 shares during the last quarter. NBT Bank N A NY lifted its holdings in shares of Kyndryl by 3,220.0% during the fourth quarter. NBT Bank N A NY now owns 1,328 shares of the company’s stock worth $35,000 after purchasing an additional 1,288 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Kyndryl by 4,475.0% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,464 shares of the company’s stock worth $39,000 after purchasing an additional 1,432 shares during the period. Finally, Flagship Harbor Advisors LLC purchased a new stake in Kyndryl in the fourth quarter valued at approximately $39,000. 71.53% of the stock is owned by hedge funds and other institutional investors.

Kyndryl Company Profile

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.