Raymond James Financial Inc. Invests $4.41 Million in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Raymond James Financial Inc. purchased a new stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 198,102 shares of the company's stock, valued at approximately $4,406,000. Raymond James Financial Inc. owned approximately 0.24% of Grid Dynamics at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. American Century Companies Inc. raised its stake in Grid Dynamics by 824.9% in the 4th quarter. American Century Companies Inc. now owns 621,465 shares of the company's stock worth $13,821,000 after acquiring an additional 554,275 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of Grid Dynamics in the third quarter valued at about $8,589,000. SG Americas Securities LLC purchased a new position in shares of Grid Dynamics in the fourth quarter worth about $242,000. Barclays PLC lifted its holdings in shares of Grid Dynamics by 173.8% during the third quarter. Barclays PLC now owns 111,182 shares of the company's stock worth $1,556,000 after purchasing an additional 70,579 shares during the period. Finally, Geode Capital Management LLC boosted its position in Grid Dynamics by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company's stock valued at $19,344,000 after buying an additional 17,763 shares during the last quarter. Hedge funds and other institutional investors own 71.18% of the company's stock.

Insider Activity

In other Grid Dynamics news, COO Yury Gryzlov sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $13.97, for a total value of $27,940.00. Following the sale, the chief operating officer now directly owns 476,269 shares of the company's stock, valued at approximately $6,653,477.93. This trade represents a 0.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 19,043 shares of company stock worth $349,078 in the last ninety days. Company insiders own 7.20% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC lifted their price objective on shares of Grid Dynamics from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Grid Dynamics presently has a consensus rating of "Buy" and a consensus target price of $19.60.

Grid Dynamics Price Performance

NASDAQ:GDYN traded up $0.26 during trading hours on Tuesday, reaching $14.20. The company had a trading volume of 500,421 shares, compared to its average volume of 611,072. The firm has a market cap of $1.19 billion, a PE ratio of 355.00 and a beta of 0.99. Grid Dynamics Holdings, Inc. has a 1-year low of $9.07 and a 1-year high of $25.50. The business's 50 day moving average price is $16.05 and its 200-day moving average price is $18.33.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last announced its quarterly 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). Grid Dynamics had a negative return on equity of 0.33% and a net margin of 1.15%. The firm had revenue of $100.28 million for the quarter, compared to analysts' expectations of $96.00 million. On average, analysts expect that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

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.