Grid Dynamics (NASDAQ:GDYN) Price Target Raised to $20.00 at Needham & Company LLC

Grid Dynamics (NASDAQ:GDYN) had its target price upped by Needham & Company LLC from $17.00 to $20.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently issued reports on GDYN. TD Cowen upgraded Grid Dynamics from a “hold” rating to a “buy” rating and lifted their price objective for the company from $12.00 to $16.00 in a research note on Friday, August 2nd. JPMorgan Chase & Co. lifted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Citigroup upped their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research 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 company. Based on data from MarketBeat, Grid Dynamics currently has an average rating of “Buy” and an average price target of $17.50.

Grid Dynamics Stock Up 2.5 %

NASDAQ:GDYN opened at $15.62 on Friday. The firm’s fifty day simple moving average is $14.49 and its 200 day simple moving average is $12.26. The stock has a market cap of $1.20 billion, a P/E ratio of 520.84 and a beta of 1.04. Grid Dynamics has a twelve month low of $9.07 and a twelve month high of $17.66.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $87.40 million during the quarter, compared to the consensus estimate of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. Grid Dynamics’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 earnings per share.

Insiders Place Their Bets

In related news, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $17.66, for a total transaction of $52,980.00. Following the sale, the chief financial officer now owns 380,282 shares of the company’s stock, valued at $6,715,780.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction dated Friday, November 1st. The shares were 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 961,387 shares of company stock worth $12,363,984 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. Rice Hall James & Associates LLC bought a new stake in shares of Grid Dynamics in the third quarter valued at about $1,751,000. Mount Yale Investment Advisors LLC raised its holdings in shares of Grid Dynamics by 32.5% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 17,791 shares of the company’s stock valued at $249,000 after purchasing an additional 4,362 shares in the last quarter. Trust Point Inc. lifted its position in shares of Grid Dynamics by 5.0% in the 3rd quarter. Trust Point Inc. now owns 32,290 shares of the company’s stock worth $452,000 after purchasing an additional 1,532 shares during the period. Vontobel Holding Ltd. bought a new position in shares of Grid Dynamics during the third quarter valued at approximately $1,143,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Grid Dynamics by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock valued at $235,000 after buying an additional 1,184 shares during the period. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

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.