Grid Dynamics (NASDAQ:GDYN) Price Target Raised to $19.00

Grid Dynamics (NASDAQ:GDYN) had its price objective boosted by TD Cowen from $16.00 to $19.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target would indicate a potential upside of 23.70% from the stock’s current price.

A number of other equities analysts have also recently commented on GDYN. Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. JPMorgan Chase & Co. upped their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup lifted their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday. Finally, Needham & Company LLC upped their price objective on shares of Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Grid Dynamics currently has an average rating of “Buy” and an average target price of $17.50.

Grid Dynamics Stock Down 3.5 %

NASDAQ GDYN traded down $0.56 on Friday, hitting $15.36. 579,942 shares of the stock were exchanged, compared to its average volume of 334,442. Grid Dynamics has a fifty-two week low of $9.07 and a fifty-two week high of $17.66. The company has a 50-day moving average price of $14.43 and a 200-day moving average price of $12.17. The company has a market cap of $1.18 billion, a PE ratio of -1,539.46 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $83.04 million for the quarter, compared to analysts’ expectations of $81.06 million. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the company earned $0.09 earnings per share.

Insider Activity

In other news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $13.02, for a total transaction of $195,300.00. Following the completion of the sale, the chief executive officer now directly owns 3,520,901 shares in the company, valued at approximately $45,842,131.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $13.02, for a total transaction of $195,300.00. Following the completion of the transaction, the chief executive officer now owns 3,520,901 shares in the company, valued at approximately $45,842,131.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the transaction, the insider now directly owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 958,387 shares of company stock worth $12,311,004 in the last 90 days. 7.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Grid Dynamics

Several hedge funds have recently made changes to their positions in GDYN. Lord Abbett & CO. LLC grew its holdings in Grid Dynamics by 42.3% in the 1st quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock valued at $5,890,000 after buying an additional 142,446 shares during the period. Silvercrest Asset Management Group LLC boosted its holdings in Grid Dynamics by 43.1% in the first quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock valued at $7,429,000 after acquiring an additional 182,052 shares during the last quarter. Comerica Bank grew its position in Grid Dynamics by 198.8% during the first quarter. Comerica Bank now owns 77,820 shares of the company’s stock valued at $956,000 after acquiring an additional 51,778 shares during the period. Vanguard Group Inc. increased its stake in Grid Dynamics by 1.6% during the first quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock worth $51,643,000 after acquiring an additional 64,300 shares during the last quarter. Finally, Fourth Sail Capital LP raised its holdings in shares of Grid Dynamics by 138.0% in the 2nd quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock worth $8,092,000 after purchasing an additional 446,477 shares during the period. Institutional investors and hedge funds own 71.18% of the company’s stock.

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.