Needham & Company LLC Issues Positive Forecast for Grid Dynamics (NASDAQ:GDYN) Stock Price

Grid Dynamics (NASDAQ:GDYN) had its price target upped by stock analysts at Needham & Company LLC from $17.00 to $20.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 31.23% from the company’s current price.

GDYN has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup upped their target price on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, October 28th. TD Cowen raised shares of Grid Dynamics from a “hold” rating to a “buy” rating and raised their price target for the stock from $12.00 to $16.00 in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $17.50.

Grid Dynamics Stock Performance

Shares of GDYN stock opened at $15.24 on Friday. Grid Dynamics has a fifty-two week low of $9.07 and a fifty-two week high of $17.66. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 508.00 and a beta of 1.04. The stock’s 50-day simple moving average is $14.45 and its 200-day simple moving average is $12.21.

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

Insider Transactions at Grid Dynamics

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

Hedge Funds Weigh In On Grid Dynamics

A number of large investors have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC increased its stake in shares of Grid Dynamics by 42.3% during the first quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock worth $5,890,000 after purchasing an additional 142,446 shares in the last quarter. Silvercrest Asset Management Group LLC raised its holdings in shares of Grid Dynamics by 43.1% during 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 lifted its position in shares of Grid Dynamics by 198.8% in 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 in the last quarter. Vanguard Group Inc. boosted its stake in shares of Grid Dynamics by 1.6% in 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 increased its position in shares of Grid Dynamics by 138.0% during the second 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 in the last quarter. 71.18% of the stock is currently owned by institutional investors and hedge funds.

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.