Truist Financial Cuts Kforce (NASDAQ:KFRC) Price Target to $46.00

Key Points

• Truist Financial has lowered Kforce's price target from $50.00 to $46.00, maintaining a "hold" rating and indicating a potential upside of 15.92% from the current stock price.
• Kforce reported a quarterly earnings miss of $0.59 per share, slightly below the consensus estimate, with a year-over-year revenue decrease of 6.2%.
• Institutional investors own 92.77% of Kforce's stock, reflecting significant institutional interest in the company's performance.

Kforce (NASDAQ:KFRC - Get Free Report) had its target price lowered by Truist Financial from $50.00 to $46.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "hold" rating on the business services provider's stock. Truist Financial's price objective indicates a potential upside of 34.51% from the stock's previous close.

Several other research firms have also recently weighed in on KFRC. UBS Group raised their price target on Kforce from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Wall Street Zen cut Kforce from a "buy" rating to a "hold" rating in a report on Friday, May 2nd.

Kforce Price Performance

Shares of NASDAQ:KFRC traded down $0.65 during trading on Tuesday, hitting $34.20. 352,795 shares of the company's stock were exchanged, compared to its average volume of 158,763. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.06 and a quick ratio of 2.06. Kforce has a 52-week low of $33.28 and a 52-week high of $67.33. The business's 50-day simple moving average is $41.62 and its 200 day simple moving average is $45.68. The company has a market cap of $637.09 million, a price-to-earnings ratio of 12.76 and a beta of 0.75.

Kforce (NASDAQ:KFRC - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The business services provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The firm had revenue of $334.32 million for the quarter, compared to analysts' expectations of $333.78 million. Kforce had a net margin of 3.59% and a return on equity of 30.34%. The business's quarterly revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 EPS. As a group, equities analysts predict that Kforce will post 2.7 EPS for the current year.

Insider Activity at Kforce

In related news, Director David L. Dunkel bought 1,000 shares of the company's stock in a transaction dated Monday, May 5th. The stock was purchased at an average price of $37.80 per share, for a total transaction of $37,800.00. Following the acquisition, the director owned 517,329 shares in the company, valued at $19,555,036.20. This trade represents a 0.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Kforce

Institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC boosted its holdings in shares of Kforce by 1,069.1% in the 1st quarter. Signaturefd LLC now owns 795 shares of the business services provider's stock worth $39,000 after purchasing an additional 727 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Kforce during the 4th quarter worth approximately $42,000. Quarry LP purchased a new position in Kforce during the 1st quarter valued at $42,000. Meeder Asset Management Inc. boosted its holdings in Kforce by 336.1% during the 1st quarter. Meeder Asset Management Inc. now owns 955 shares of the business services provider's stock valued at $47,000 after acquiring an additional 736 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in Kforce by 147.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,118 shares of the business services provider's stock valued at $63,000 after acquiring an additional 666 shares during the period. Hedge funds and other institutional investors own 92.77% of the company's stock.

About Kforce

Kforce Inc provides professional staffing services and solutions in the United States. It operates through two segments, Technology, and Finance and Accounting (FA). The Technology segment provides talent solutions to its clients primarily in the areas of information technology, such as systems/applications architecture and development, data management and analytics, business and artificial intelligence, machine learning, project and program management, and network architecture and security.