Westfield Capital Management Co. LP Sells 1,697,835 Shares of Kyndryl Holdings, Inc. (NYSE:KD)

Key Points

• Westfield Capital Management Co. LP has reduced its holdings in Kyndryl Holdings, Inc. by 36.8%, selling 1,697,835 shares and owning a total of 2,911,964 shares valued at approximately $91.4 million.
• Several institutional investors, including FMR LLC and Deutsche Bank AG, have significantly increased their stake in Kyndryl during the fourth quarter, indicating strong interest in the company's stock.
• Kyndryl's stock price opened at $36.40, down 3.6%, with a reported revenue of $3.80 billion for the last quarter, slightly above analyst expectations.

Westfield Capital Management Co. LP trimmed its holdings in shares of Kyndryl Holdings, Inc. (NYSE:KD - Free Report) by 36.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,911,964 shares of the company's stock after selling 1,697,835 shares during the period. Westfield Capital Management Co. LP owned about 1.25% of Kyndryl worth $91,436,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. LPL Financial LLC increased its position in shares of Kyndryl by 22.4% in the fourth quarter. LPL Financial LLC now owns 99,506 shares of the company's stock worth $3,443,000 after acquiring an additional 18,198 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Kyndryl by 17.9% during the 4th quarter. JPMorgan Chase & Co. now owns 533,265 shares of the company's stock valued at $18,451,000 after purchasing an additional 81,148 shares during the period. Norges Bank acquired a new stake in Kyndryl during the 4th quarter valued at $14,323,000. Pictet Asset Management Holding SA lifted its holdings in shares of Kyndryl by 12.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 39,128 shares of the company's stock valued at $1,354,000 after purchasing an additional 4,379 shares in the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new stake in shares of Kyndryl in the fourth quarter worth $217,000. Institutional investors and hedge funds own 71.53% of the company's stock.

Insider Activity at Kyndryl

In other Kyndryl news, SVP Vineet Khurana sold 26,451 shares of the company's stock in a transaction dated 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 sale, the senior vice president directly owned 73,278 shares of the company's stock, valued at approximately $2,868,100.92. This represents a 26.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.90% of the company's stock.

Kyndryl Stock Up 2.0%

NYSE:KD traded up $0.59 during mid-day trading on Friday, reaching $30.77. The stock had a trading volume of 1,928,932 shares, compared to its average volume of 2,305,671. The stock has a market cap of $7.12 billion, a P/E ratio of 25.46, a PEG ratio of 3.23 and a beta of 1.91. The business's 50 day moving average is $39.46 and its 200 day moving average is $37.06. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.05 and a quick ratio of 1.07. Kyndryl Holdings, Inc. has a fifty-two week low of $22.01 and a fifty-two week high of $44.20.

Kyndryl (NYSE:KD - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. Kyndryl had a net margin of 1.97% and a return on equity of 19.88%. The company had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the previous year, the firm posted $0.13 earnings per share. The company's revenue for the quarter was up .1% compared to the same quarter last year. As a group, sell-side analysts predict that Kyndryl Holdings, Inc. will post 0.73 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on KD. Wall Street Zen lowered Kyndryl from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Susquehanna dropped their price objective on shares of Kyndryl from $46.00 to $43.00 and set a "positive" rating on the stock in a research note on Wednesday, April 23rd. Finally, Oppenheimer lifted their target price on shares of Kyndryl from $47.00 to $55.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th.

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.