Citigroup Increases Grid Dynamics (NASDAQ:GDYN) Price Target to $18.00

Grid Dynamics (NASDAQ:GDYN - Get Free Report) had its price objective increased by equities researchers at Citigroup from $17.00 to $18.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price target would indicate a potential upside of 12.22% from the stock's current price.

A number of other research analysts have also recently issued reports on GDYN. Cantor Fitzgerald raised shares of Grid Dynamics to a "strong-buy" rating in a report on Monday, August 12th. Needham & Company LLC boosted their price target on Grid Dynamics from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Monday, August 5th. TD Cowen raised Grid Dynamics from a "hold" rating to a "buy" rating and increased their price objective for the company from $12.00 to $16.00 in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Grid Dynamics from $15.00 to $17.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Grid Dynamics currently has a consensus rating of "Buy" and a consensus target price of $16.33.

Grid Dynamics Trading Up 2.6 %

Shares of GDYN traded up $0.40 during midday trading on Monday, hitting $16.04. 385,824 shares of the company's stock traded hands, compared to its average volume of 328,901. Grid Dynamics has a 1 year low of $9.07 and a 1 year high of $16.08. The firm's fifty day moving average is $14.24 and its 200-day moving average is $12.04. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 534.67 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The business had revenue of $83.04 million for the quarter, compared to analyst estimates of $81.06 million. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. The company's revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.09 earnings per share.

Insider Buying and Selling

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the business's 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 directly owns 3,460,901 shares of the company's stock, valued at approximately $50,390,718.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the sale, the insider now directly owns 13,889,183 shares in the company, valued at $177,781,542.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of the company's stock in a transaction dated 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 directly owns 3,460,901 shares of the company's stock, valued at $50,390,718.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 961,387 shares of company stock valued at $12,349,914 over the last ninety days. Company insiders own 7.40% of the company's stock.

Institutional Trading of Grid Dynamics

A number of institutional investors and hedge funds have recently made changes to their positions in GDYN. Principal Financial Group Inc. purchased a new stake in Grid Dynamics in the 1st quarter worth $454,000. Jennison Associates LLC increased its stake in shares of Grid Dynamics by 1.2% during the first quarter. Jennison Associates LLC now owns 2,339,142 shares of the company's stock worth $28,748,000 after purchasing an additional 26,974 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its stake in Grid Dynamics by 6.4% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 99,380 shares of the company's stock valued at $1,221,000 after buying an additional 6,011 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Grid Dynamics by 14.5% during the 1st quarter. Russell Investments Group Ltd. now owns 185,281 shares of the company's stock worth $2,277,000 after buying an additional 23,531 shares in the last quarter. Finally, ProShare Advisors LLC acquired a new position in shares of Grid Dynamics during the first quarter valued at approximately $124,000. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

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.

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