Allspring Global Investments Holdings LLC Sells 1,311,878 Shares of Kyndryl Holdings, Inc. $KD

Allspring Global Investments Holdings LLC reduced its position in Kyndryl Holdings, Inc. (NYSE:KD) by 79.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 346,671 shares of the company’s stock after selling 1,311,878 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Kyndryl were worth $4,455,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Los Angeles Capital Management LLC bought a new stake in shares of Kyndryl during the fourth quarter worth approximately $29,000. Quarry LP bought a new position in shares of Kyndryl during the fourth quarter worth approximately $31,000. NBT Bank N A NY increased its stake 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. increased its stake 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 acquired a new stake in Kyndryl during the 4th quarter worth approximately $39,000. 71.53% of the stock is owned by institutional investors and hedge funds.

Kyndryl Stock Up 3.2%

Kyndryl stock opened at $12.03 on Friday. The firm has a 50 day moving average price of $11.81 and a two-hundred day moving average price of $14.57. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 14.15 and a beta of 1.67. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.88 and a current ratio of 0.88. Kyndryl Holdings, Inc. has a 52-week low of $10.10 and a 52-week high of $39.98.

Kyndryl (NYSE:KD) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.25). Kyndryl had a return on equity of 20.43% and a net margin of 1.31%.The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same quarter in the previous year, the company posted $0.52 EPS. The business’s quarterly revenue was down .8% on a year-over-year basis. Equities analysts predict that Kyndryl Holdings, Inc. will post 1.54 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on KD shares. Susquehanna lowered Kyndryl from a “positive” rating to a “neutral” rating and decreased their price objective for the company from $16.00 to $13.00 in a report on Thursday, May 21st. Wall Street Zen cut shares of Kyndryl from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. BMO Capital Markets assumed coverage on shares of Kyndryl in a research report on Monday, April 20th. They issued a “market perform” rating and a $15.00 price target for the company. Scotiabank cut their price target on Kyndryl from $16.50 to $15.00 and set a “sector perform” rating for the company in a research note on Friday, May 8th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Kyndryl in a research report on Monday, June 15th. Seven equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $16.67.

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.