Grid Dynamics (NASDAQ:GDYN) Price Target Raised to $25.00

Grid Dynamics (NASDAQ:GDYN - Free Report) had its price target lifted by Needham & Company LLC from $20.00 to $25.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently commented on GDYN. Citigroup raised their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. 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. Finally, JPMorgan Chase & Co. upped their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Grid Dynamics currently has an average rating of "Buy" and a consensus target price of $18.33.

Grid Dynamics Stock Down 0.9 %

GDYN traded down $0.17 during trading on Thursday, hitting $19.46. The company's stock had a trading volume of 544,535 shares, compared to its average volume of 386,302. The business's 50 day simple moving average is $16.82 and its 200-day simple moving average is $13.74. The firm has a market cap of $1.61 billion, a PE ratio of 654.33 and a beta of 1.06. Grid Dynamics has a one year low of $9.07 and a one year high of $20.34.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.01. The company had revenue of $87.40 million for the quarter, compared to analysts' expectations of $85.09 million. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. Grid Dynamics's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the firm earned $0.08 EPS.

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 373,282 shares in the company, valued at $7,122,220.56. This represents a 0.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $14.56, for a total value of $218,400.00. Following the completion of the transaction, the chief executive officer now owns 3,460,901 shares of the company's stock, valued at approximately $50,390,718.56. This trade represents a 0.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,000 shares of company stock valued at $605,210 in the last quarter. 7.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GDYN. Barclays PLC boosted its position in shares of Grid Dynamics by 173.8% during the third quarter. Barclays PLC now owns 111,182 shares of the company's stock valued at $1,556,000 after buying an additional 70,579 shares during the period. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Grid Dynamics by 35.9% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 107,738 shares of the company's stock worth $1,508,000 after acquiring an additional 28,438 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Grid Dynamics by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company's stock worth $19,344,000 after acquiring an additional 17,763 shares during the last quarter. Wellington Management Group LLP boosted its holdings 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 acquiring an additional 675,419 shares during the period. Finally, State Street Corp increased its stake in Grid Dynamics by 0.5% in the third quarter. State Street Corp now owns 1,446,130 shares of the company's stock worth $20,246,000 after purchasing an additional 6,938 shares during the period. Institutional investors own 71.18% of the company's stock.

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.