Jennison Associates LLC Has $49.22 Million Stock Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Jennison Associates LLC lowered its position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 9.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,212,991 shares of the company's stock after selling 224,913 shares during the quarter. Jennison Associates LLC owned 2.68% of Grid Dynamics worth $49,217,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of GDYN. Wellington Management Group LLP boosted its position in shares of 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 in the last quarter. State Street Corp boosted its holdings in Grid Dynamics by 0.5% during the third quarter. State Street Corp now owns 1,446,130 shares of the company's stock worth $20,246,000 after buying an additional 6,938 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Grid Dynamics by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company's stock worth $19,344,000 after buying an additional 17,763 shares in the last quarter. Royce & Associates LP grew its position in Grid Dynamics by 5.9% in the third quarter. Royce & Associates LP now owns 802,101 shares of the company's stock worth $11,229,000 after buying an additional 44,720 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in shares of Grid Dynamics in the third quarter valued at $8,589,000. 71.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GDYN has been the subject of several research reports. Needham & Company LLC raised their price objective on Grid Dynamics from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. TD Cowen lifted their price target on Grid Dynamics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. JPMorgan Chase & Co. upped their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Finally, Citigroup lifted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, October 28th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $18.33.

Grid Dynamics Trading Down 0.3 %

NASDAQ GDYN traded down $0.06 during trading on Wednesday, reaching $23.32. 1,101,563 shares of the company's stock were exchanged, compared to its average volume of 732,938. The firm has a market capitalization of $1.92 billion, a PE ratio of 777.59 and a beta of 1.01. Grid Dynamics Holdings, Inc. has a fifty-two week low of $9.07 and a fifty-two week high of $24.16. The company's fifty day simple moving average is $20.70 and its 200-day simple moving average is $16.78.

Insider Activity at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $19.08, for a total value 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. This represents a 0.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders have sold 10,000 shares of company stock valued at $194,240. Corporate insiders own 7.20% 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.