Kyndryl Holdings, Inc. $KD Shares Bought by State Street Corp

Key Points

• State Street increased its Kyndryl stake by 6.8% in the second quarter, adding 492,925 shares to own 7.79 million shares valued at approximately $88.1 million. Institutional investors and hedge funds collectively own 71.53% of Kyndryl.
• Kyndryl shares opened at $11.77, down 2.8%, with the stock trading well below its 52-week high of $31.08. The company reported quarterly revenue of $3.62 billion, down 3.3% year over year, but beat analysts’ EPS expectations.
• Analyst sentiment remains cautious: seven analysts rate Kyndryl a Hold and two rate it Sell, producing a consensus “Reduce” rating and an average price target of $16.50.

State Street Corp grew its holdings in Kyndryl Holdings, Inc. (NYSE:KD - Free Report) by 6.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,792,865 shares of the company's stock after acquiring an additional 492,925 shares during the quarter. State Street Corp owned 3.58% of Kyndryl worth $88,137,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC raised its stake in Kyndryl by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 4,456,962 shares of the company's stock worth $118,997,000 after purchasing an additional 63,846 shares in the last quarter. Sound Shore Management Inc. CT grew its position in shares of Kyndryl by 39.5% during the 1st quarter. Sound Shore Management Inc. CT now owns 4,147,984 shares of the company's stock worth $54,422,000 after purchasing an additional 1,173,761 shares in the last quarter. Cooper Creek Partners Management LLC increased its holdings in shares of Kyndryl by 498.5% during the first quarter. Cooper Creek Partners Management LLC now owns 3,895,949 shares of the company's stock worth $51,115,000 after purchasing an additional 3,245,013 shares during the period. Bank of America Corp DE increased its holdings in shares of Kyndryl by 12.8% during the first quarter. Bank of America Corp DE now owns 1,792,792 shares of the company's stock worth $23,521,000 after purchasing an additional 203,032 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of 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 buying an additional 74,823 shares in the last quarter. 71.53% of the stock is currently owned by institutional investors and hedge funds.

Kyndryl Stock Down 2.8%

Shares of KD opened at $11.77 on Friday. The firm has a 50 day simple moving average of $12.95 and a two-hundred day simple moving average of $12.58. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.85 and a quick ratio of 0.85. Kyndryl Holdings, Inc. has a one year low of $10.10 and a one year high of $31.08. The company has a market cap of $2.56 billion, a P/E ratio of 31.80 and a beta of 1.64.

Kyndryl (NYSE:KD - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.04. Kyndryl had a return on equity of 12.24% and a net margin of 0.58%.The firm had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the business posted $0.37 EPS. The company's revenue was down 3.3% compared to the same quarter last year. Research analysts forecast that Kyndryl Holdings, Inc. will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KD. Zacks Research upgraded Kyndryl from a "strong sell" rating to a "hold" rating in a research note on Monday, September 14th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $16.00 price objective on shares of Kyndryl in a report on Thursday, August 6th. Weiss Ratings downgraded Kyndryl from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. increased their target price on Kyndryl from $13.00 to $14.00 and gave the stock an "underweight" rating in a report on Monday, August 10th. Seven equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average target price of $16.50.

Kyndryl Profile

Kyndryl Holdings, Inc NYSE: KD is an information technology services company that designs, builds, manages and modernizes mission-critical technology systems for businesses and public-sector organizations. Its services support hybrid cloud environments, enterprise data centers, networks, applications and digital workplaces.

The company provides consulting and implementation services, cloud infrastructure management, cybersecurity, network and edge services, mainframe and data-center operations, and data and artificial intelligence solutions.

Want to see what other hedge funds are holding KD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kyndryl Holdings, Inc. (NYSE:KD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.