Grid Dynamics (NASDAQ:GDYN) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Grid Dynamics (NASDAQ:GDYN) had its price target increased by Needham & Company LLC from $20.00 to $25.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 30.75% from the stock’s current price.

GDYN has been the topic of a number of other reports. Citigroup increased their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, October 28th. JPMorgan Chase & Co. increased 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 lifted their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Grid Dynamics has an average rating of “Buy” and an average target price of $18.33.

Grid Dynamics Stock Down 1.7 %

GDYN stock opened at $19.12 on Thursday. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 637.33 and a beta of 1.06. The company’s fifty day simple moving average is $17.02 and its 200 day simple moving average is $13.84. Grid Dynamics has a 12-month low of $9.07 and a 12-month high of $20.34.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings data 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 the consensus estimate of $85.09 million. During the same period in the previous year, the business earned $0.08 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. Research analysts expect that Grid Dynamics will post 0.03 earnings per share for the current year.

Insider Activity at Grid Dynamics

In other news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the completion of the transaction, the chief executive officer now directly owns 3,460,901 shares in the company, valued at $50,390,718.56. This trade represents a 0.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was 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 in the company, valued at $6,715,780.12. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,000 shares of company stock valued at $605,210. 7.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GDYN. Wellington Management Group LLP lifted 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 valued at $40,037,000 after acquiring an additional 675,419 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of Grid Dynamics in the third quarter valued at about $8,589,000. Fourth Sail Capital LP lifted 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 valued at $8,092,000 after purchasing an additional 446,477 shares in the last quarter. Summit Creek Advisors LLC lifted its position in shares of Grid Dynamics by 25.1% during the second 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 in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Grid Dynamics by 14.1% during the second 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. Hedge funds and other institutional investors own 71.18% of the company’s stock.

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.