Grid Dynamics (NASDAQ:GDYN) Given New $25.00 Price Target at Needham & Company LLC

Grid Dynamics (NASDAQ:GDYN) had its target price raised by Needham & Company LLC from $20.00 to $25.00 in a research report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

GDYN has been the topic of a number of other reports. Citigroup boosted their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. upped their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, TD Cowen boosted their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Grid Dynamics has a consensus rating of “Buy” and an average price target of $18.33.

Grid Dynamics Price Performance

Shares of GDYN opened at $19.46 on Thursday. The firm has a 50-day simple moving average of $16.93 and a two-hundred day simple moving average of $13.78. Grid Dynamics has a 1-year low of $9.07 and a 1-year high of $20.34. The stock has a market cap of $1.61 billion, a PE ratio of 648.88 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last announced its 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 company had revenue of $87.40 million for the quarter, compared to analyst estimates of $85.09 million. During the same quarter in the previous year, the company earned $0.08 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts expect that Grid Dynamics will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Leonard Livschitz sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $13.73, for a total transaction of $205,950.00. Following the completion of the sale, the chief executive officer now owns 3,475,901 shares in the company, valued at $47,724,120.73. The trade was a 0.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $19.08, for a total transaction of $57,240.00. Following the completion of the transaction, the chief financial officer now owns 373,282 shares in the company, valued at $7,122,220.56. This represents a 0.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,000 shares of company stock worth $605,210 in the last 90 days. Corporate insiders own 7.20% of the company’s stock.

Institutional Trading of Grid Dynamics

Institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in Grid Dynamics by 30.9% during the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock worth $40,037,000 after acquiring an additional 675,419 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Grid Dynamics by 14.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock valued at $17,581,000 after acquiring an additional 206,201 shares in the last quarter. State Street Corp grew its holdings in shares of 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 last quarter. Geode Capital Management LLC increased its position in shares of Grid Dynamics by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock worth $19,344,000 after purchasing an additional 17,763 shares in the last quarter. Finally, Summit Creek Advisors LLC lifted its holdings in shares of Grid Dynamics by 25.1% in the 2nd quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock valued at $12,065,000 after purchasing an additional 230,688 shares during the last quarter. Hedge funds and other institutional investors 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.