State of Alaska Department of Revenue Has $2.39 Million Holdings in Kyndryl Holdings, Inc. $KD

State of Alaska Department of Revenue lifted its stake in shares of Kyndryl Holdings, Inc. (NYSE:KD) by 205.3% during the third quarter, Holdings Channel.com reports. The firm owned 79,648 shares of the company’s stock after buying an additional 53,556 shares during the period. State of Alaska Department of Revenue’s holdings in Kyndryl were worth $2,391,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of KD. Cortland Associates Inc. MO increased its holdings in shares of Kyndryl by 39.2% in the third quarter. Cortland Associates Inc. MO now owns 2,105,082 shares of the company’s stock valued at $63,216,000 after purchasing an additional 592,751 shares in the last quarter. Bank of America Corp DE boosted its position in Kyndryl by 39.5% in the 2nd quarter. Bank of America Corp DE now owns 1,767,574 shares of the company’s stock valued at $74,167,000 after buying an additional 500,309 shares during the last quarter. Norges Bank acquired a new stake in shares of Kyndryl in the 2nd quarter valued at $19,907,000. Frontier Capital Management Co. LLC bought a new stake in shares of Kyndryl during the second quarter worth $19,586,000. Finally, Penserra Capital Management LLC acquired a new position in shares of Kyndryl during the second quarter valued at $10,930,000. 71.53% of the stock is owned by institutional investors.

Kyndryl Trading Down 1.0%

KD opened at $27.06 on Wednesday. The firm’s fifty day moving average is $26.20 and its two-hundred day moving average is $30.60. The firm has a market cap of $6.19 billion, a PE ratio of 16.01 and a beta of 1.85. Kyndryl Holdings, Inc. has a twelve month low of $23.28 and a twelve month high of $44.20. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.02 and a current ratio of 1.02.

Kyndryl (NYSE:KD) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.05. The company had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.84 billion. Kyndryl had a net margin of 2.71% and a return on equity of 25.76%. The firm’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.01 EPS. Equities research analysts anticipate that Kyndryl Holdings, Inc. will post 0.73 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on KD shares. JPMorgan Chase & Co. dropped their price objective on Kyndryl from $45.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Morgan Stanley assumed coverage on shares of Kyndryl in a research note on Friday, September 26th. They set an “equal weight” rating and a $30.00 price target for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kyndryl in a report on Wednesday, October 8th. Susquehanna set a $35.00 target price on shares of Kyndryl in a research report on Thursday, November 6th. Finally, Zacks Research upgraded Kyndryl from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Insider Activity

In other news, SVP Vineet Khurana sold 6,641 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $26.69, for a total transaction of $177,248.29. Following the sale, the senior vice president owned 59,708 shares of the company’s stock, valued at $1,593,606.52. This trade represents a 10.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.90% of the stock is owned by company insiders.

Kyndryl Company Profile

Kyndryl (NYSE: KD) is a global managed infrastructure services provider formed in November 2021 through the spin-off of IBM’s Managed Infrastructure Services business. The company designs, builds, manages and modernizes critical information technology systems for enterprises worldwide. Kyndryl’s core offerings include cloud migration and management, network and edge computing solutions, digital workplace services and IT resiliency and security capabilities.

With a workforce of approximately 90,000 professionals and operations in more than 60 countries, Kyndryl serves clients across a broad range of industries, including financial services, telecommunications, healthcare, manufacturing and retail.