Norges Bank Purchases New Position in Kyndryl Holdings, Inc. $KD

Norges Bank purchased a new stake in Kyndryl Holdings, Inc. (NYSE:KD) in the fourth quarter, Holdings Channel reports. The firm purchased 735,671 shares of the company’s stock, valued at approximately $19,539,000.

A number of other large investors have also recently modified their holdings of the company. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Kyndryl in the fourth quarter valued at approximately $114,000. Geode Capital Management LLC raised its stake in Kyndryl by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 4,456,962 shares of the company’s stock worth $118,997,000 after buying an additional 63,846 shares in the last quarter. Royce & Associates LP raised its stake in Kyndryl by 10.8% in the fourth quarter. Royce & Associates LP now owns 1,917,036 shares of the company’s stock worth $50,916,000 after buying an additional 186,620 shares in the last quarter. Bleakley Financial Group LLC raised its stake in Kyndryl by 11.4% in the fourth quarter. Bleakley Financial Group LLC now owns 14,557 shares of the company’s stock worth $387,000 after buying an additional 1,493 shares in the last quarter. Finally, Kestra Investment Management LLC bought a new position in Kyndryl in the fourth quarter worth approximately $366,000. Hedge funds and other institutional investors own 71.53% of the company’s stock.

Kyndryl Stock Performance

Shares of KD stock opened at $11.57 on Wednesday. The business’s fifty day simple moving average is $12.74 and its 200-day simple moving average is $17.88. The company has a market cap of $2.54 billion, a PE ratio of 13.61 and a beta of 1.66. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.77. Kyndryl Holdings, Inc. has a 12-month low of $10.10 and a 12-month high of $44.20.

Kyndryl (NYSE:KD) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.25). The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.74 billion. Kyndryl had a return on equity of 20.43% and a net margin of 1.31%.The business’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. Analysts expect that Kyndryl Holdings, Inc. will post 1.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Susquehanna downgraded shares of Kyndryl from a “positive” rating to a “neutral” rating and reduced their price objective for the stock from $16.00 to $13.00 in a research note on Thursday, May 21st. Morgan Stanley reduced their price objective on shares of Kyndryl from $28.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 24th. Weiss Ratings downgraded shares of Kyndryl from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, March 18th. Scotiabank reduced their price objective on shares of Kyndryl from $16.50 to $15.00 and set a “sector perform” rating for the company in a research note on Friday, May 8th. Finally, BMO Capital Markets initiated coverage on shares of Kyndryl in a research note on Monday, April 20th. They issued a “market perform” rating and a $15.00 price objective for the company. Six equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $22.14.

Kyndryl 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.