State Street Corp Acquires 3,104 Shares of Kingsoft Cloud Holdings Limited (NASDAQ:KC)

State Street Corp boosted its holdings in Kingsoft Cloud Holdings Limited (NASDAQ:KC) by 0.5% during the third quarter, Holdings Channel.com reports. The fund owned 609,790 shares of the company’s stock after buying an additional 3,104 shares during the quarter. State Street Corp’s holdings in Kingsoft Cloud were worth $1,793,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Blue Trust Inc. lifted its position in Kingsoft Cloud by 30.9% during the third quarter. Blue Trust Inc. now owns 18,888 shares of the company’s stock valued at $56,000 after purchasing an additional 4,458 shares during the last quarter. Profund Advisors LLC purchased a new stake in shares of Kingsoft Cloud during the 2nd quarter valued at $27,000. SG Americas Securities LLC purchased a new stake in shares of Kingsoft Cloud during the 3rd quarter valued at $47,000. Renaissance Technologies LLC lifted its holdings in shares of Kingsoft Cloud by 4.0% during the 2nd quarter. Renaissance Technologies LLC now owns 460,400 shares of the company’s stock worth $1,156,000 after acquiring an additional 17,700 shares during the last quarter. Finally, Headlands Technologies LLC grew its position in Kingsoft Cloud by 313.9% in the second quarter. Headlands Technologies LLC now owns 32,875 shares of the company’s stock worth $83,000 after acquiring an additional 24,932 shares in the last quarter. Institutional investors own 13.40% of the company’s stock.

Kingsoft Cloud Trading Down 8.5 %

KC opened at $10.49 on Thursday. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -8.74 and a beta of 2.49. Kingsoft Cloud Holdings Limited has a one year low of $2.02 and a one year high of $12.84. The business has a 50 day simple moving average of $6.57 and a two-hundred day simple moving average of $4.01. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.67 and a quick ratio of 0.67.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on KC shares. Nomura Securities upgraded Kingsoft Cloud from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Nomura raised Kingsoft Cloud from a “neutral” rating to a “buy” rating and raised their price objective for the company from $2.30 to $6.70 in a report on Friday, November 22nd. Finally, UBS Group upgraded Kingsoft Cloud from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $4.20 to $12.50 in a research report on Friday, December 6th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Kingsoft Cloud has an average rating of “Buy” and an average price target of $5.93.

About Kingsoft Cloud

Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations primarily in China. The company's products portfolio includes cloud products, including infrastructure as a service (IaaS) infrastructure, platform as a service (PaaS) middleware, and software as a service (SaaS) applications that primarily consist of cloud computing, network, database, big data, security, storage, and delivery solutions.