Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Receives $17.50 Consensus PT from Brokerages

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) have received an average recommendation of “Buy” from the six research firms that are presently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $17.50.

Several brokerages have recently weighed in on GDYN. Needham & Company LLC raised their target price on Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 1st. TD Cowen raised their price objective on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Cantor Fitzgerald raised Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Citigroup upped their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th.

Insiders Place Their Bets

In related news, CEO Leonard Livschitz sold 15,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $14.56, for a total value of $218,400.00. Following the transaction, the chief executive officer now owns 3,460,901 shares in the company, valued at approximately $50,390,718.56. This represents a 0.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $17.66, for a total transaction of $52,980.00. Following the completion of the sale, the chief financial officer now owns 380,282 shares of the company’s stock, valued at $6,715,780.12. This trade represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 950,387 shares of company stock worth $12,239,324. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GDYN. Vanguard Group Inc. raised its holdings in Grid Dynamics by 1.6% during the first quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock valued at $51,643,000 after buying an additional 64,300 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Grid Dynamics by 30.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after acquiring an additional 675,419 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Grid Dynamics by 14.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock worth $17,581,000 after purchasing an additional 206,201 shares during the last quarter. State Street Corp boosted its position in Grid Dynamics by 0.5% during the third quarter. State Street Corp now owns 1,446,130 shares of the company’s stock worth $20,246,000 after purchasing an additional 6,938 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Grid Dynamics by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after purchasing an additional 17,763 shares during the last quarter. Institutional investors and hedge funds own 71.18% of the company’s stock.

Grid Dynamics Stock Performance

Shares of NASDAQ GDYN opened at $16.81 on Thursday. The firm has a market cap of $1.29 billion, a P/E ratio of 560.33 and a beta of 1.04. Grid Dynamics has a 1 year low of $9.07 and a 1 year high of $19.86. The firm’s 50 day moving average price is $15.32 and its 200 day moving average price is $12.86.

Grid Dynamics (NASDAQ:GDYN) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. The firm had revenue of $87.40 million during the quarter, compared to the consensus estimate of $85.09 million. During the same quarter in the previous year, the business earned $0.08 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year.

About Grid Dynamics

Grid Dynamics Holdings, Inc, together with its subsidiaries, provides technology consulting, platform and product engineering, and analytics services in North America, Europe, and internationally. It offers cloud platform and product engineering services, such as architecting, designing, and building scalable and secure cloud-based platforms and business applications; and AI/machine learning and data platform engineering services that build platforms to facilitate batch and streaming data ingestion, quality governance, orchestration, semantic modeling, observability, and analysis at scale.