Phocas Financial Corp. Decreases Holdings in 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. trimmed its stake in shares of Kyndryl Holdings, Inc. (NYSE:KD - Free Report) by 22.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 287,218 shares of the company's stock after selling 85,148 shares during the period. Kyndryl comprises about 1.4% of Phocas Financial Corp.'s holdings, making the stock its 15th biggest position. Phocas Financial Corp. owned about 0.12% of Kyndryl worth $9,019,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its position in shares of Kyndryl by 3.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 36,526 shares of the company's stock valued at $1,147,000 after acquiring an additional 1,378 shares during the period. TIAA Trust National Association raised its position in shares of Kyndryl by 9.6% during the 1st quarter. TIAA Trust National Association now owns 7,319 shares of the company's stock worth $230,000 after purchasing an additional 644 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in shares of Kyndryl during the 1st quarter worth approximately $390,000. Natixis Advisors LLC raised its position in shares of Kyndryl by 17.9% during the 1st quarter. Natixis Advisors LLC now owns 63,347 shares of the company's stock worth $1,989,000 after purchasing an additional 9,610 shares during the last quarter. Finally, SSA Swiss Advisors AG acquired a new position in shares of Kyndryl during the 1st quarter worth approximately $32,000. 71.53% of the stock is currently owned by institutional investors and hedge funds.

Kyndryl Trading Down 20.9%

KD traded down $7.68 during trading on Tuesday, hitting $29.02. The company's stock had a trading volume of 6,525,939 shares, compared to its average volume of 2,168,641. The firm's 50 day moving average price is $40.04 and its 200-day moving average price is $37.23. The company has a debt-to-equity ratio of 2.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market cap of $6.72 billion, a PE ratio of 28.71, a PEG ratio of 3.95 and a beta of 1.91. Kyndryl Holdings, Inc. has a twelve month low of $21.64 and a twelve month high of $44.20.

Kyndryl (NYSE:KD - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01. Kyndryl had a net margin of 1.67% and a return on equity of 15.97%. The company had revenue of $3.74 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same period in the previous year, the company earned $0.13 EPS. The business's quarterly revenue was up .1% compared to the same quarter last year. On average, analysts expect that Kyndryl Holdings, Inc. will post 0.73 earnings per share for the current year.

Insider Activity

In other news, SVP Vineet Khurana sold 26,451 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $39.14, for a total transaction of $1,035,292.14. Following the completion of the sale, the senior vice president directly owned 73,278 shares of the company's stock, valued at $2,868,100.92. The trade was a 26.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on KD shares. Susquehanna cut their price objective on Kyndryl from $46.00 to $43.00 and set a "positive" rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen downgraded Kyndryl from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. Finally, Oppenheimer boosted their price target on Kyndryl from $47.00 to $55.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th.

About Kyndryl

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.