Needham & Company LLC Forecasts Strong Price Appreciation for Grid Dynamics (NASDAQ:GDYN) Stock

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

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

Grid Dynamics Stock Down 4.3 %

Shares of GDYN stock traded down $0.68 during trading hours on Friday, hitting $15.24. 957,659 shares of the company were exchanged, compared to its average volume of 336,223. The firm has a fifty day moving average of $14.45 and a 200 day moving average of $12.20. Grid Dynamics has a 1 year low of $9.07 and a 1 year high of $17.66. The firm has a market cap of $1.17 billion, a PE ratio of -1,522.48 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates 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 last year, the firm posted $0.09 earnings per share. Grid Dynamics’s revenue was up 7.4% on a year-over-year basis.

Insider Activity

In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $12.80, for a total value of $11,691,353.60. Following the completion of the transaction, the insider now directly owns 13,889,183 shares in the company, valued at approximately $177,781,542.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the stock in a transaction dated 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 transaction, the insider now owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $13.73, for a total value of $205,950.00. Following the sale, the chief executive officer now owns 3,475,901 shares in the company, valued at $47,724,120.73. This represents 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 worth $12,311,004 over the last 90 days. Company insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Fourth Sail Capital LP increased its position in shares of Grid Dynamics by 138.0% in the 2nd 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 during the last quarter. Summit Creek Advisors LLC increased its holdings in Grid Dynamics by 25.1% in the second quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock valued at $12,065,000 after buying an additional 230,688 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings 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 buying an additional 206,201 shares during the last quarter. Silvercrest Asset Management Group LLC raised its stake in 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 buying an additional 182,052 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in Grid Dynamics by 42.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock worth $5,890,000 after buying an additional 142,446 shares during the last quarter. 71.18% of the stock is currently owned by 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.