State of Alaska Department of Revenue Makes New Investment in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

State of Alaska Department of Revenue bought a new stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 34,878 shares of the company's stock, valued at approximately $775,000.

A number of other large investors have also recently bought and sold shares of GDYN. Wellington Management Group LLP boosted its position in Grid Dynamics by 30.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company's stock worth $40,037,000 after purchasing an additional 675,419 shares in the last quarter. State Street Corp boosted its position in Grid Dynamics by 0.5% in the 3rd quarter. State Street Corp now owns 1,446,130 shares of the company's stock worth $20,246,000 after purchasing an additional 6,938 shares in the last quarter. Geode Capital Management LLC boosted its position in Grid Dynamics by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company's stock worth $19,344,000 after purchasing an additional 17,763 shares in the last quarter. Royce & Associates LP boosted its position in Grid Dynamics by 5.9% in the 3rd quarter. Royce & Associates LP now owns 802,101 shares of the company's stock worth $11,229,000 after purchasing an additional 44,720 shares in the last quarter. Finally, Lord Abbett & CO. LLC purchased a new stake in Grid Dynamics in the 3rd quarter worth approximately $8,589,000. Hedge funds and other institutional investors own 71.18% of the company's stock.

Insider Activity at Grid Dynamics

In related 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 value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 8,000 shares of company stock valued at $171,780. 7.20% of the stock is owned by insiders.

Grid Dynamics Stock Down 1.1 %

Shares of GDYN stock traded down $0.26 during trading hours on Tuesday, hitting $22.26. 137,429 shares of the company's stock were exchanged, compared to its average volume of 705,107. The firm has a market cap of $1.84 billion, a P/E ratio of 742.38 and a beta of 1.01. The firm has a 50 day moving average of $21.50 and a two-hundred day moving average of $17.46. Grid Dynamics Holdings, Inc. has a fifty-two week low of $9.07 and a fifty-two week high of $24.60.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on GDYN shares. Needham & Company LLC upped 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. TD Cowen upped their target price on Grid Dynamics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Citigroup upped their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. upped their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $18.33.

Grid Dynamics 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.