T. Rowe Price Investment Management Inc. Takes Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

T. Rowe Price Investment Management Inc. bought a new stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 698,810 shares of the company's stock, valued at approximately $15,542,000. T. Rowe Price Investment Management Inc. owned 0.85% of Grid Dynamics as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of GDYN. Loomis Sayles & Co. L P bought a new stake in shares of Grid Dynamics in the 4th quarter valued at about $55,114,000. Vanguard Group Inc. grew its stake in Grid Dynamics by 26.8% in the 4th quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company's stock valued at $123,110,000 after buying an additional 1,171,481 shares during the last quarter. William Blair Investment Management LLC acquired a new position in Grid Dynamics in the 4th quarter valued at about $22,192,000. Next Century Growth Investors LLC grew its position in shares of Grid Dynamics by 78.1% during the 4th quarter. Next Century Growth Investors LLC now owns 1,622,226 shares of the company's stock worth $36,078,000 after purchasing an additional 711,150 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Grid Dynamics during the 3rd quarter worth approximately $8,589,000. 71.18% of the stock is owned by institutional investors.

Insider Activity

In related news, COO Yury Gryzlov sold 2,000 shares of the company's stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $13.97, for a total transaction of $27,940.00. Following the sale, the chief operating officer now owns 476,269 shares in the company, valued at $6,653,477.93. This represents a 0.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 19,043 shares of company stock valued at $349,078. Insiders own 7.20% of the company's stock.

Grid Dynamics Stock Performance

GDYN stock opened at $13.96 on Monday. The company has a fifty day moving average price of $16.20 and a 200-day moving average price of $18.33. The company has a market capitalization of $1.17 billion, a P/E ratio of 349.00 and a beta of 0.99. Grid Dynamics Holdings, Inc. has a 52-week low of $9.07 and a 52-week high of $25.50.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last released its quarterly earnings results 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 business had revenue of $100.28 million for the quarter, compared to the consensus estimate of $96.00 million. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. As a group, sell-side analysts forecast that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Needham & Company LLC increased their target price on shares of Grid Dynamics from $25.00 to $30.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. 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.com, the stock presently has an average rating of "Buy" and an average target price of $19.60.

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.

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