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Vineet Khurana, Senior Vice President and Global Controller at Kyndryl Holdings , Inc. (NYSE:KD), has sold a significant portion of his holdings in the company, according to a recent SEC filing. On February 6, Khurana sold a total of 55,461 shares of Kyndryl common stock, generating proceeds of approximately $2.37 million. The shares were sold at prices ranging from $42.37 to $43.234 per share. The timing of the sale is notable as Kyndryl’s stock has shown remarkable strength, delivering a 107% return over the past year and trading near its 52-week high of $43.61. According to InvestingPro analysis, technical indicators suggest the stock is currently in overbought territory.
In addition to these sales, Khurana also exercised stock options to acquire 11,465 shares at a price of $17.78 each, amounting to a total of $203,847. Following these transactions, Khurana now owns 43,877 shares of Kyndryl common stock directly. For investors seeking deeper insights into insider transactions and comprehensive analysis, InvestingPro offers detailed research reports covering Kyndryl’s valuation metrics, including its current P/E ratio of 67.6 and market capitalization of nearly $10 billion.
In other recent news, Kyndryl, the leading IT infrastructure services provider, has launched secure access service edge (SASE) services in collaboration with Palo Alto Networks (NASDAQ:PANW). This new offering aims to enhance network security for enterprises, integrating network and security into a unified cloud-delivered service. The SASE services are a response to a growing need for modernized IT infrastructure, as indicated by the Kyndryl Readiness Report.
In financial news, Kyndryl reported mixed third-quarter results, with earnings exceeding expectations but revenue falling short of analyst estimates. The company reported adjusted earnings per share of $0.51, surpassing estimates of $0.43, but revenue was $3.74 billion, below the forecast of $3.83 billion. Despite the revenue miss, Kyndryl raised its fiscal year 2025 outlook for adjusted earnings and cash flow.
Scotiabank (TSX:BNS) analyst Divya Goyal has increased the price target for Kyndryl shares to $45.00, up from the previous $35.00, while maintaining a Sector Outperform rating. This adjustment follows Kyndryl’s strong quarter performance, surpassing market expectations in terms of profitability. The company’s commitment to its 3As initiatives, which focus on automation, artificial intelligence, and analytics, has been instrumental in driving margin expansion and value creation.
These are all recent developments concerning Kyndryl.
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