Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Stock Position Cut by Jennison Associates LLC

Jennison Associates LLC lowered its position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 9.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,437,904 shares of the company's stock after selling 243,906 shares during the quarter. Jennison Associates LLC owned approximately 3.18% of Grid Dynamics worth $34,131,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GDYN. Harbor Capital Advisors Inc. raised its stake in shares of Grid Dynamics by 21.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company's stock valued at $106,000 after acquiring an additional 1,770 shares during the period. ProShare Advisors LLC purchased a new position in Grid Dynamics during the 1st quarter valued at about $124,000. Hsbc Holdings PLC purchased a new stake in Grid Dynamics during the second quarter worth about $117,000. XTX Topco Ltd acquired a new position in shares of Grid Dynamics in the second quarter valued at approximately $129,000. Finally, Mount Yale Investment Advisors LLC purchased a new position in Grid Dynamics in the 2nd quarter valued at approximately $141,000. Hedge funds and other institutional investors own 71.18% of the company's stock.

Grid Dynamics Stock Up 2.5 %

Shares of NASDAQ GDYN traded up $0.45 on Friday, hitting $18.16. The company had a trading volume of 333,403 shares, compared to its average volume of 371,689. The firm has a market capitalization of $1.39 billion, a P/E ratio of 590.53 and a beta of 1.04. Grid Dynamics Holdings, Inc. has a 12-month low of $9.07 and a 12-month high of $19.86. The business has a 50 day moving average of $15.39 and a two-hundred day moving average of $12.89.

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

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $17.66, for a total transaction of $52,980.00. Following the sale, the chief financial officer now directly owns 380,282 shares in the company, valued at approximately $6,715,780.12. This represents a 0.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of the firm's 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 completion of the sale, the chief executive officer now directly owns 3,475,901 shares in the company, valued at approximately $47,724,120.73. This trade represents a 0.43 % 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 in the last quarter. 7.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GDYN shares. Citigroup increased their price target on Grid Dynamics from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, October 28th. JPMorgan Chase & Co. boosted their price objective on Grid Dynamics from $17.00 to $18.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Cantor Fitzgerald raised shares of Grid Dynamics to a "strong-buy" rating in a report on Monday, August 12th. TD Cowen increased their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Finally, Needham & Company LLC raised their price target on Grid Dynamics from $17.00 to $20.00 and gave the company a "buy" rating in a report on Friday, November 1st. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $17.50.

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.