Cinctive Capital Management LP Purchases Shares of 879,576 Kyndryl Holdings, Inc. (NYSE:KD)

Cinctive Capital Management LP acquired a new position in Kyndryl Holdings, Inc. (NYSE:KD) in the third quarter, HoldingsChannel reports. The institutional investor acquired 879,576 shares of the company’s stock, valued at approximately $20,213,000. Kyndryl accounts for approximately 1.1% of Cinctive Capital Management LP’s investment portfolio, making the stock its 7th biggest position.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC lifted its holdings in Kyndryl by 35.1% in the 3rd quarter. FMR LLC now owns 6,036,908 shares of the company’s stock worth $138,728,000 after purchasing an additional 1,569,260 shares in the last quarter. Westfield Capital Management Co. LP raised its position in shares of Kyndryl by 62.6% during the third quarter. Westfield Capital Management Co. LP now owns 3,259,082 shares of the company’s stock valued at $74,894,000 after buying an additional 1,254,208 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Kyndryl by 32.3% in the second quarter. Renaissance Technologies LLC now owns 2,765,800 shares of the company’s stock worth $72,768,000 after buying an additional 675,800 shares in the last quarter. Royce & Associates LP boosted its position in shares of Kyndryl by 9.6% during the third quarter. Royce & Associates LP now owns 2,643,328 shares of the company’s stock worth $60,744,000 after acquiring an additional 232,583 shares during the last quarter. Finally, Cortland Associates Inc. MO grew its stake in Kyndryl by 35.7% during the third quarter. Cortland Associates Inc. MO now owns 2,150,614 shares of the company’s stock valued at $49,421,000 after acquiring an additional 565,263 shares in the last quarter. 71.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on KD. Oppenheimer boosted their price target on shares of Kyndryl from $33.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Susquehanna boosted their target price on Kyndryl from $33.00 to $40.00 and gave the stock a “positive” rating in a research report on Friday, November 22nd. Finally, Bank of America started coverage on Kyndryl in a report on Friday, November 22nd. They set a “buy” rating and a $40.00 price target for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Kyndryl currently has an average rating of “Buy” and a consensus target price of $33.00.

Kyndryl Stock Down 0.3 %

Shares of NYSE KD opened at $34.71 on Monday. The stock has a market capitalization of $8.06 billion, a price-to-earnings ratio of -89.00, a P/E/G ratio of 8.36 and a beta of 1.63. Kyndryl Holdings, Inc. has a 12-month low of $17.78 and a 12-month high of $35.23. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.65. The firm’s 50-day moving average price is $26.09 and its 200-day moving average price is $25.50.

About Kyndryl

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.