Principal Financial Group Inc. Has $12.30 Million Stake in Kyndryl Holdings, Inc. (NYSE:KD)

Principal Financial Group Inc. lessened its position in Kyndryl Holdings, Inc. (NYSE:KD - Free Report) by 30.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 535,344 shares of the company's stock after selling 230,705 shares during the period. Principal Financial Group Inc. owned 0.23% of Kyndryl worth $12,302,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in KD. Franklin Resources Inc. lifted its holdings in shares of Kyndryl by 15.1% during the third quarter. Franklin Resources Inc. now owns 90,068 shares of the company's stock worth $2,237,000 after purchasing an additional 11,786 shares during the period. Synovus Financial Corp raised its position in shares of Kyndryl by 11.5% during the third quarter. Synovus Financial Corp now owns 25,074 shares of the company's stock worth $576,000 after acquiring an additional 2,581 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Kyndryl by 45.9% in the third quarter. Tidal Investments LLC now owns 102,270 shares of the company's stock worth $2,350,000 after acquiring an additional 32,173 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Kyndryl in the third quarter worth approximately $171,000. Finally, Sanctuary Advisors LLC bought a new stake in Kyndryl in the third quarter valued at approximately $237,000. 71.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

KD has been the topic of a number of recent analyst reports. Bank of America assumed coverage on shares of Kyndryl in a research report on Friday, November 22nd. They issued a "buy" rating and a $40.00 price target on the stock. Susquehanna upped their price target on shares of Kyndryl from $33.00 to $40.00 and gave the company a "positive" rating in a research report on Friday, November 22nd. Finally, Oppenheimer increased their price target on Kyndryl from $33.00 to $37.00 and gave the stock an "outperform" rating in a report on Friday, November 22nd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $34.60.

Kyndryl Stock Down 0.9 %

Shares of Kyndryl stock traded down $0.30 during trading on Monday, reaching $34.53. 2,360,635 shares of the company traded hands, compared to its average volume of 1,754,495. The firm has a market capitalization of $8.02 billion, a PE ratio of -88.54, a P/E/G ratio of 8.51 and a beta of 1.86. Kyndryl Holdings, Inc. has a 1-year low of $19.19 and a 1-year high of $36.43. The company has a 50 day moving average price of $30.71 and a 200-day moving average price of $26.70. The company has a debt-to-equity ratio of 2.65, a current ratio of 1.03 and a quick ratio of 1.03.

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.