Needham & Company LLC Reiterates Buy Rating for Grid Dynamics (NASDAQ:GDYN)

Grid Dynamics (NASDAQ:GDYN)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research report issued on Friday, Benzinga reports. They currently have a $16.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential upside of 58.89% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Citigroup decreased their target price on shares of Grid Dynamics from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Grid Dynamics from $17.00 to $15.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Cantor Fitzgerald raised their target price on shares of Grid Dynamics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, March 13th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, Grid Dynamics currently has a consensus rating of “Buy” and a consensus price target of $15.75.

Grid Dynamics Trading Up 2.3 %

Shares of NASDAQ GDYN traded up $0.23 during midday trading on Friday, reaching $10.07. The company’s stock had a trading volume of 556,407 shares, compared to its average volume of 392,910. The stock has a 50 day simple moving average of $11.74 and a 200-day simple moving average of $12.33. The stock has a market capitalization of $765.02 million, a price-to-earnings ratio of 335.78 and a beta of 1.00. Grid Dynamics has a fifty-two week low of $8.00 and a fifty-two week high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). Grid Dynamics had a net margin of 0.72% and a return on equity of 3.33%. The company had revenue of $78.07 million during the quarter, compared to the consensus estimate of $76.64 million. During the same quarter in the previous year, the business earned $0.14 EPS. Grid Dynamics’s revenue was down 3.1% on a year-over-year basis. As a group, equities analysts anticipate that Grid Dynamics will post 0.07 EPS for the current year.

Insider Transactions at Grid Dynamics

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $10.00, for a total value of $30,000.00. Following the transaction, the chief financial officer now directly owns 385,979 shares of the company’s stock, valued at approximately $3,859,790. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $13.88, for a total value of $208,200.00. Following the transaction, the chief executive officer now directly owns 3,760,474 shares in the company, valued at $52,195,379.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $10.00, for a total transaction of $30,000.00. Following the transaction, the chief financial officer now directly owns 385,979 shares in the company, valued at $3,859,790. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,884 shares of company stock worth $1,099,255. 7.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Grid Dynamics

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its holdings in Grid Dynamics by 113.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,482,626 shares of the company’s stock valued at $18,058,000 after acquiring an additional 789,373 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in Grid Dynamics by 5.8% in the third quarter. Public Employees Retirement System of Ohio now owns 271,591 shares of the company’s stock valued at $3,308,000 after purchasing an additional 14,940 shares in the last quarter. Mutual of America Capital Management LLC lifted its position in Grid Dynamics by 41.1% during the fourth quarter. Mutual of America Capital Management LLC now owns 209,208 shares of the company’s stock worth $2,789,000 after purchasing an additional 60,906 shares during the period. Barclays PLC lifted its position in Grid Dynamics by 8.5% during the third quarter. Barclays PLC now owns 26,063 shares of the company’s stock worth $318,000 after purchasing an additional 2,036 shares during the period. Finally, S Squared Technology LLC grew its stake in Grid Dynamics by 13.5% during the third quarter. S Squared Technology LLC now owns 229,781 shares of the company’s stock worth $2,799,000 after buying an additional 27,257 shares in the last quarter. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Company Profile

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.