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

Key Points

• Allspring Global Investments sharply reduced its Kyndryl stake, cutting holdings by 79.1% in the first quarter and selling more than 1.3 million shares.
• Kyndryl reported mixed quarterly results: revenue of $3.77 billion slightly beat expectations, but earnings of $0.18 per share missed analyst estimates of $0.43.
• Wall Street sentiment remains cautious, with several firms downgrading the stock and the consensus rating sitting at “Reduce” with an average price target of $16.67.

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Kyndryl Holdings, Inc. (NYSE:KD - Free Report) by 79.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 346,671 shares of the company's stock after selling 1,311,878 shares during the period. Allspring Global Investments Holdings LLC owned 0.15% of Kyndryl worth $4,455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Independent Financial Group LLC purchased a new position in shares of Kyndryl in the first quarter valued at $225,000. Bank of New York Mellon Corp raised its holdings in Kyndryl by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 1,671,839 shares of the company's stock valued at $21,935,000 after acquiring an additional 74,823 shares in the last quarter. NFSG Corp boosted its stake in Kyndryl by 177.2% during the 1st quarter. NFSG Corp now owns 2,830 shares of the company's stock valued at $37,000 after acquiring an additional 1,809 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in Kyndryl by 82.9% during the 1st quarter. Bleakley Financial Group LLC now owns 26,630 shares of the company's stock worth $349,000 after acquiring an additional 12,073 shares in the last quarter. Finally, State of Michigan Retirement System grew its holdings in Kyndryl by 1.9% during the 1st quarter. State of Michigan Retirement System now owns 55,034 shares of the company's stock worth $722,000 after acquiring an additional 1,000 shares in the last quarter. 71.53% of the stock is currently owned by institutional investors and hedge funds.

Kyndryl Stock Performance

Shares of Kyndryl stock opened at $12.03 on Friday. Kyndryl Holdings, Inc. has a 12 month low of $10.10 and a 12 month high of $39.98. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.77. The stock has a market cap of $2.65 billion, a PE ratio of 14.15 and a beta of 1.67. The business has a fifty day simple moving average of $11.81 and a 200-day simple moving average of $14.57.

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

Analysts Set New Price Targets

A number of research firms have commented on KD. Susquehanna downgraded shares of Kyndryl from a "positive" rating to a "neutral" rating and decreased their price objective for the stock from $16.00 to $13.00 in a report on Thursday, May 21st. Zacks Research raised shares of Kyndryl from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. Scotiabank cut their price objective on shares of Kyndryl from $16.50 to $15.00 and set a "sector perform" rating on the stock in a research report on Friday, May 8th. Wall Street Zen cut shares of Kyndryl from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Kyndryl in a research note on Monday, June 15th. Seven research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price 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.

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