Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Stake Decreased by Jennison Associates LLC

Jennison Associates LLC cut its holdings in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 9.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,437,904 shares of the company’s stock after selling 243,906 shares during the period. Jennison Associates LLC owned approximately 3.18% of Grid Dynamics worth $34,131,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Grid Dynamics by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock valued at $51,643,000 after buying an additional 64,300 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Grid Dynamics by 14.1% during 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 during the period. Summit Creek Advisors LLC raised its holdings in Grid Dynamics by 25.1% during the second quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock worth $12,065,000 after purchasing an additional 230,688 shares in the last quarter. Royce & Associates LP lifted its position in Grid Dynamics by 5.9% in the third quarter. Royce & Associates LP now owns 802,101 shares of the company’s stock worth $11,229,000 after purchasing an additional 44,720 shares during the period. Finally, Fourth Sail Capital LP boosted its stake in Grid Dynamics by 138.0% during the 2nd 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. 71.18% of the stock is owned by institutional investors.

Insider Activity at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 3,475,901 shares in the company, valued at $47,724,120.73. This represents a 0.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the completion of the sale, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. This represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 950,387 shares of company stock worth $12,239,324 over the last three months. Company insiders own 7.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GDYN shares. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. TD Cowen raised their price objective on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Citigroup boosted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Needham & Company LLC raised their target price on shares of Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. upped their price target on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $17.50.

Grid Dynamics Price Performance

Shares of NASDAQ:GDYN opened at $17.71 on Friday. The stock has a market capitalization of $1.36 billion, a P/E ratio of 590.53 and a beta of 1.04. The business has a 50-day moving average of $15.39 and a two-hundred day moving average of $12.89. Grid Dynamics Holdings, Inc. has a fifty-two week low of $9.07 and a fifty-two week high of $19.86.

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

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.