Cornerstone Investment Partners LLC Purchases New Stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Cornerstone Investment Partners LLC bought a new position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,348 shares of the company’s stock, valued at approximately $252,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position 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 purchasing an additional 675,419 shares during the period. State Street Corp boosted its position in Grid Dynamics by 0.5% during the 3rd quarter. State Street Corp now owns 1,446,130 shares of the company’s stock valued at $20,246,000 after purchasing an additional 6,938 shares during the period. Geode Capital Management LLC boosted its position in Grid Dynamics by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after purchasing an additional 17,763 shares during the period. Royce & Associates LP boosted its position in Grid Dynamics by 5.9% during the 3rd quarter. Royce & Associates LP now owns 802,101 shares of the company’s stock valued at $11,229,000 after purchasing an additional 44,720 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in Grid Dynamics during the 3rd quarter valued at approximately $8,589,000. Institutional investors and hedge funds own 71.18% of the company’s stock.

Insider Transactions at Grid Dynamics

In other news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction on Monday, December 9th. The stock was sold at an average price of $19.08, for a total transaction of $57,240.00. Following the transaction, the chief financial officer now owns 373,282 shares in the company, valued at approximately $7,122,220.56. The trade was a 0.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 8,000 shares of company stock valued at $171,780 over the last three months. Company insiders own 7.20% of the company’s stock.

Grid Dynamics Price Performance

Shares of Grid Dynamics stock opened at $18.59 on Tuesday. The business’s fifty day moving average price is $21.57 and its two-hundred day moving average price is $17.94. The company has a market capitalization of $1.53 billion, a P/E ratio of 464.75 and a beta of 1.01. Grid Dynamics Holdings, Inc. has a 1-year low of $9.07 and a 1-year high of $25.50.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, February 20th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The company had revenue of $100.28 million for the quarter, compared to analyst estimates of $96.00 million. Grid Dynamics had a negative return on equity of 0.33% and a net margin of 1.15%. On average, research analysts expect that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC boosted their price objective on Grid Dynamics from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $19.17.

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.