New York State Common Retirement Fund Increases Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

New York State Common Retirement Fund increased its holdings in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 565.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,673 shares of the company's stock after purchasing an additional 76,198 shares during the period. New York State Common Retirement Fund owned 0.11% of Grid Dynamics worth $1,994,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rice Hall James & Associates LLC boosted its stake in shares of Grid Dynamics by 51.2% during the fourth quarter. Rice Hall James & Associates LLC now owns 189,086 shares of the company's stock worth $4,205,000 after buying an additional 64,002 shares during the period. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Grid Dynamics during the fourth quarter worth approximately $1,030,000. Principal Financial Group Inc. lifted its holdings in shares of Grid Dynamics by 1,540.0% during the fourth quarter. Principal Financial Group Inc. now owns 316,601 shares of the company's stock worth $7,041,000 after purchasing an additional 297,296 shares during the period. State of New Jersey Common Pension Fund D acquired a new stake in shares of Grid Dynamics during the fourth quarter worth $2,026,000. Finally, Rhumbline Advisers raised its position in Grid Dynamics by 98.6% during the 4th quarter. Rhumbline Advisers now owns 161,262 shares of the company's stock worth $3,586,000 after buying an additional 80,054 shares during the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.

Grid Dynamics Stock Performance

GDYN stock traded down $0.23 during midday trading on Monday, hitting $18.59. 1,024,705 shares of the stock were exchanged, compared to its average volume of 803,826. The stock's 50-day moving average price is $21.57 and its 200-day moving average price is $17.94. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 464.75 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 $25.50.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). The business had revenue of $100.28 million during the quarter, compared to analyst estimates of $96.00 million. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. Research analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.18 EPS for the current year.

Insider Transactions at Grid Dynamics

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $22.12, for a total transaction of $66,360.00. Following the sale, the chief financial officer now owns 343,012 shares in the company, valued at approximately $7,587,425.44. This represents a 0.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 8,000 shares of company stock valued at $171,780 in the last ninety days. Corporate insiders own 7.20% of the company's stock.

Analysts Set New Price Targets

Separately, Needham & Company LLC boosted their price target on shares of Grid Dynamics from $25.00 to $30.00 and gave the stock 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 given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $19.17.

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.