New York State Teachers Retirement System Makes New Investment in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

New York State Teachers Retirement System bought a new position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 13,247 shares of the company's stock, valued at approximately $295,000.

A number of other hedge funds also recently bought and sold shares of the business. Wellington Management Group LLP increased its stake 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 worth $40,037,000 after buying an additional 675,419 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in Grid Dynamics in the 3rd quarter valued at about $8,589,000. Rice Hall James & Associates LLC purchased a new stake in shares of Grid Dynamics in the 3rd quarter valued at approximately $1,751,000. Barclays PLC lifted its stake in Grid Dynamics by 173.8% during the third quarter. Barclays PLC now owns 111,182 shares of the company's stock worth $1,556,000 after purchasing an additional 70,579 shares in the last quarter. Finally, Royce & Associates LP lifted its stake in Grid Dynamics by 5.9% during the 3rd quarter. Royce & Associates LP now owns 802,101 shares of the company's stock worth $11,229,000 after acquiring an additional 44,720 shares in the last quarter. Hedge funds and other institutional investors own 71.18% of the company's stock.

Insider Transactions at Grid Dynamics

In other news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 343,012 shares of the company's stock, 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 SEC, which is accessible through this hyperlink. Insiders sold 8,000 shares of company stock worth $171,780 over the last 90 days. 7.20% of the stock is currently owned by insiders.

Grid Dynamics Stock Performance

GDYN stock traded down $0.29 during midday trading on Friday, reaching $18.82. 934,265 shares of the company were exchanged, compared to its average volume of 797,661. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 470.50 and a beta of 1.01. Grid Dynamics Holdings, Inc. has a 1-year low of $9.07 and a 1-year high of $25.50. The stock's 50-day simple moving average is $21.64 and its 200 day simple moving average is $17.80.

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

Analyst Ratings Changes

Several brokerages have recently issued reports on GDYN. 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 report on Friday, November 1st. Needham & Company LLC raised their target price on shares of Grid Dynamics from $25.00 to $30.00 and gave the company a "buy" rating in a report on Friday, February 21st. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $19.17.

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.