Kyndryl (NYSE:KD) Coverage Initiated by Analysts at Scotiabank

Scotiabank initiated coverage on shares of Kyndryl (NYSE:KD) in a research note released on Tuesday, MarketBeat reports. The firm issued an outperform rating on the stock.

Other equities research analysts have also issued reports about the company. Guggenheim raised Kyndryl to a “strong-buy” rating in a research report on Wednesday, November 26th. Susquehanna set a $35.00 price target on shares of Kyndryl in a research report on Thursday, November 6th. Zacks Research upgraded shares of Kyndryl from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Kyndryl in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Kyndryl from $45.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.00.

Kyndryl Trading Down 2.5%

NYSE:KD opened at $23.83 on Tuesday. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.02 and a quick ratio of 1.02. Kyndryl has a one year low of $23.28 and a one year high of $44.20. The company has a market cap of $5.45 billion, a PE ratio of 14.10 and a beta of 1.85. The firm has a 50-day moving average of $26.10 and a 200-day moving average of $29.39.

Kyndryl (NYSE:KD) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.05. The business had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.84 billion. Kyndryl had a return on equity of 25.76% and a net margin of 2.71%.The company’s quarterly 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. As a group, equities research analysts expect that Kyndryl will post 0.73 EPS for the current fiscal year.

Insider Activity

In other news, SVP Vineet Khurana sold 6,641 shares of the company’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $26.69, for a total transaction of $177,248.29. Following the transaction, the senior vice president owned 59,708 shares of the company’s stock, valued at $1,593,606.52. This represents a 10.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Kyndryl

Several institutional investors have recently added to or reduced their stakes in KD. Louisiana State Employees Retirement System increased its stake in shares of Kyndryl by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 65,500 shares of the company’s stock worth $2,748,000 after purchasing an additional 300 shares in the last quarter. Assetmark Inc. boosted its holdings in Kyndryl by 75.3% in the 2nd quarter. Assetmark Inc. now owns 775 shares of the company’s stock worth $33,000 after buying an additional 333 shares during the period. Bessemer Group Inc. grew its stake in Kyndryl by 11.2% in the 2nd quarter. Bessemer Group Inc. now owns 3,476 shares of the company’s stock valued at $145,000 after buying an additional 351 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in Kyndryl by 4.9% in the 2nd quarter. Coldstream Capital Management Inc. now owns 7,933 shares of the company’s stock valued at $333,000 after buying an additional 368 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in Kyndryl by 4.1% during the 2nd quarter. ProShare Advisors LLC now owns 10,316 shares of the company’s stock valued at $433,000 after acquiring an additional 402 shares during the period. 71.53% of the stock is owned by hedge funds and other institutional investors.

About Kyndryl

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.