Principal Financial Group Inc. Increases Stock Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Principal Financial Group Inc. increased its holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 1,540.0% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 316,601 shares of the company's stock after buying an additional 297,296 shares during the period. Principal Financial Group Inc. owned 0.38% of Grid Dynamics worth $7,041,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC bought a new position in Grid Dynamics in the 3rd quarter worth about $8,589,000. SG Americas Securities LLC purchased a new position in shares of Grid Dynamics during the fourth quarter worth about $242,000. Barclays PLC increased its position in shares of Grid Dynamics by 173.8% in 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 during the last quarter. Wellington Management Group LLP raised its stake in Grid Dynamics by 30.9% in the third 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. Finally, Geode Capital Management LLC lifted its position 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 valued at $19,344,000 after purchasing an additional 17,763 shares during the last quarter. Institutional investors own 71.18% of the company's stock.

Grid Dynamics Stock Performance

NASDAQ:GDYN traded down $0.23 during mid-day trading on Monday, reaching $18.59. The stock had a trading volume of 1,024,705 shares, compared to its average volume of 803,826. The stock has a market capitalization of $1.53 billion, a P/E ratio of 464.75 and a beta of 1.01. The firm has a 50 day moving average price of $21.61 and a two-hundred day moving average price of $17.91. Grid Dynamics Holdings, Inc. has a one year low of $9.07 and a one year high of $25.50.

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

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $22.12, for a total value of $66,360.00. Following the transaction, the chief financial officer now owns 343,012 shares in the company, valued at approximately $7,587,425.44. The trade was a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 8,000 shares of company stock valued at $171,780 over the last three months. Insiders own 7.20% of the company's stock.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC increased their price target on shares of Grid Dynamics from $25.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Grid Dynamics currently has a consensus rating of "Buy" and an average target price 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.