Phocas Financial Corp. Sells 85,148 Shares of Kyndryl Holdings, Inc. (NYSE:KD)

Key Points

• Phocas Financial Corp. reduced its stake in Kyndryl Holdings, Inc. by 22.9% in Q1, now holding approximately 287,218 shares, valued at around $9 million.
• Kyndryl's stock has experienced a decline of 3.6%, with a current price of $36.40, while it has a market capitalization of $8.42 billion.
• Analysts have set varying price targets for Kyndryl, with Oppenheimer raising their objective to $55.00 and others adjusting their ratings between "outperform" and "buy".

Phocas Financial Corp. cut its holdings in shares of Kyndryl Holdings, Inc. (NYSE:KD - Free Report) by 22.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 287,218 shares of the company's stock after selling 85,148 shares during the quarter. Kyndryl makes up approximately 1.4% of Phocas Financial Corp.'s holdings, making the stock its 15th largest holding. Phocas Financial Corp. owned about 0.12% of Kyndryl worth $9,019,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in Kyndryl by 44.1% during the 1st quarter. GAMMA Investing LLC now owns 4,322 shares of the company's stock valued at $136,000 after purchasing an additional 1,323 shares during the period. Janney Montgomery Scott LLC boosted its position in Kyndryl by 121.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 20,750 shares of the company's stock worth $652,000 after acquiring an additional 11,395 shares during the period. Principal Financial Group Inc. boosted its position in Kyndryl by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 535,085 shares of the company's stock worth $16,802,000 after acquiring an additional 2,807 shares during the period. Fifth Third Bancorp boosted its position in Kyndryl by 35.5% during the 1st quarter. Fifth Third Bancorp now owns 3,114 shares of the company's stock worth $98,000 after acquiring an additional 815 shares during the period. Finally, Private Trust Co. NA boosted its position in Kyndryl by 107.9% during the 1st quarter. Private Trust Co. NA now owns 1,021 shares of the company's stock worth $32,000 after acquiring an additional 530 shares during the period. 71.53% of the stock is currently owned by hedge funds and other institutional investors.

Kyndryl Price Performance

KD stock traded down $0.05 during midday trading on Thursday, reaching $29.64. 2,191,091 shares of the company's stock traded hands, compared to its average volume of 2,276,257. The company has a 50-day simple moving average of $39.65 and a two-hundred day simple moving average of $37.12. Kyndryl Holdings, Inc. has a 1-year low of $21.64 and a 1-year high of $44.20. The company has a market cap of $6.86 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 3.15 and a beta of 1.91. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 2.29.

Kyndryl (NYSE:KD - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.01. The business had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.83 billion. Kyndryl had a return on equity of 20.31% and a net margin of 1.97%. The firm's revenue was up .1% on a year-over-year basis. During the same period last year, the company earned $0.13 EPS. On average, analysts anticipate that Kyndryl Holdings, Inc. will post 0.73 earnings per share for the current year.

Wall Street Analyst Weigh In

KD has been the topic of a number of research reports. Wall Street Zen downgraded Kyndryl from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Oppenheimer boosted their price objective on Kyndryl from $47.00 to $55.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Susquehanna dropped their price objective on Kyndryl from $46.00 to $43.00 and set a "positive" rating on the stock in a research note on Wednesday, April 23rd.

Insider Transactions at Kyndryl

In other Kyndryl news, SVP Vineet Khurana sold 26,451 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $39.14, for a total value of $1,035,292.14. Following the sale, the senior vice president owned 73,278 shares of the company's stock, valued at approximately $2,868,100.92. This trade represents a 26.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.90% of the stock is owned by corporate insiders.

Kyndryl Company Profile

Kyndryl Holdings, Inc operates as a technology services company and IT infrastructure services provider worldwide. The company offers cloud services; core enterprise and zCloud services; application, data, and artificial intelligence services; digital workplace services; security and resiliency services; and network services and edge services.