Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Shares Sold by Riverbridge Partners LLC

Riverbridge Partners LLC reduced its position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 7.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,853,974 shares of the company's stock after selling 233,078 shares during the quarter. Riverbridge Partners LLC owned about 3.46% of Grid Dynamics worth $63,472,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. MCF Advisors LLC increased its stake in shares of Grid Dynamics by 65.8% in the 4th quarter. MCF Advisors LLC now owns 1,864 shares of the company's stock worth $41,000 after acquiring an additional 740 shares during the last quarter. FMR LLC increased its stake in shares of Grid Dynamics by 38.7% in the 3rd quarter. FMR LLC now owns 2,873 shares of the company's stock worth $40,000 after acquiring an additional 801 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Grid Dynamics by 10.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 10,903 shares of the company's stock worth $242,000 after acquiring an additional 1,036 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Grid Dynamics by 5.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company's stock worth $235,000 after acquiring an additional 1,184 shares during the last quarter. Finally, Trust Point Inc. increased its position in shares of Grid Dynamics by 5.0% during the 3rd quarter. Trust Point Inc. now owns 32,290 shares of the company's stock worth $452,000 after purchasing an additional 1,532 shares during the last quarter. 71.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on GDYN. JPMorgan Chase & Co. raised their price objective on Grid Dynamics from $17.00 to $18.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. 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 report on Thursday, December 12th. Citigroup raised their price objective on Grid Dynamics from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, October 28th. Finally, TD Cowen raised their price objective on Grid Dynamics from $16.00 to $19.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $18.33.

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics 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 transaction, the chief financial officer now owns 343,012 shares of the company's stock, valued at $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 SEC, which is available at this hyperlink. Insiders have sold a total of 13,000 shares of company stock valued at $247,220 over the last quarter. Company insiders own 7.20% of the company's stock.

Grid Dynamics Stock Performance

Shares of GDYN traded up $0.03 during midday trading on Thursday, hitting $21.34. The company had a trading volume of 385,661 shares, compared to its average volume of 680,987. The company's 50-day simple moving average is $19.85 and its 200-day simple moving average is $16.05. The firm has a market capitalization of $1.76 billion, a P/E ratio of 710.40 and a beta of 1.01. Grid Dynamics Holdings, Inc. has a 1 year low of $9.07 and a 1 year high of $24.16.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The firm had revenue of $87.40 million during the quarter, compared to analysts' expectations of $85.09 million. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. The firm's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.08 earnings per share. Equities analysts predict that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

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.