SG Americas Securities LLC bought a new position in Kingsoft Cloud Holdings Limited (NASDAQ:KC) during the 4th quarter, HoldingsChannel reports. The fund bought 29,726 shares of the company’s stock, valued at approximately $1,295,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Kingsoft Cloud in the fourth quarter worth $420,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Kingsoft Cloud in the third quarter worth $193,000. Morgan Stanley increased its stake in shares of Kingsoft Cloud by 7.0% in the third quarter. Morgan Stanley now owns 6,336 shares of the company’s stock worth $187,000 after buying an additional 416 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Kingsoft Cloud in the fourth quarter worth $291,000. Finally, AIA Group Ltd purchased a new position in shares of Kingsoft Cloud in the third quarter worth $207,000. 18.39% of the stock is currently owned by institutional investors.
KC has been the subject of several research reports. Jefferies Financial Group initiated coverage on shares of Kingsoft Cloud in a report on Tuesday, January 5th. They issued a “buy” rating and a $55.00 price objective for the company. CLSA initiated coverage on shares of Kingsoft Cloud in a report on Tuesday, November 3rd. They issued a “buy” rating for the company. Finally, Zacks Investment Research upgraded shares of Kingsoft Cloud from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a report on Thursday, February 18th. Six analysts have rated the stock with a buy rating, Kingsoft Cloud currently has a consensus rating of “Buy” and a consensus target price of $48.50.
About Kingsoft Cloud
Kingsoft Cloud Holdings Limited provides cloud services to businesses and organizations in China. The company offers public cloud services to customers in various verticals, including game, video, AI, e-commerce, education, and mobile internet; enterprise cloud services to customers in financial service, public service, and healthcare businesses among others.
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