Grid Dynamics’ (GDYN) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Grid Dynamics (NASDAQ:GDYN) in a research note issued to investors on Friday morning, Benzinga reports. Needham & Company LLC currently has a $16.00 target price on the stock.

Other analysts have also issued research reports about the company. Citigroup decreased their price objective on Grid Dynamics from $17.00 to $15.00 and set a buy rating on the stock in a report on Monday, April 22nd. Cantor Fitzgerald lifted their price objective on Grid Dynamics from $14.00 to $17.00 and gave the stock an overweight rating in a report on Wednesday, March 13th. Finally, JPMorgan Chase & Co. decreased their price objective on Grid Dynamics from $17.00 to $15.00 and set an overweight rating on the stock in a report on Thursday. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $15.75.

Grid Dynamics Trading Up 5.5 %

GDYN traded up $0.55 during midday trading on Friday, reaching $10.62. The company’s stock had a trading volume of 518,023 shares, compared to its average volume of 316,781. The stock has a market cap of $806.80 million, a P/E ratio of 335.78 and a beta of 1.00. The company has a fifty day simple moving average of $11.74 and a 200 day simple moving average of $12.34. Grid Dynamics has a twelve month low of $8.05 and a twelve month high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, February 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). Grid Dynamics had a net margin of 0.72% and a return on equity of 3.31%. The business had revenue of $78.07 million during the quarter, compared to analyst estimates of $76.64 million. During the same period last year, the business earned $0.14 EPS. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. Sell-side analysts expect that Grid Dynamics will post 0.07 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $13.88, for a total transaction of $208,200.00. Following the completion of the transaction, the chief executive officer now owns 3,760,474 shares in the company, valued at approximately $52,195,379.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Grid Dynamics news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.26, for a total value of $53,040.00. Following the completion of the transaction, the chief financial officer now owns 395,568 shares in the company, valued at approximately $5,245,231.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $13.88, for a total value of $208,200.00. Following the completion of the transaction, the chief executive officer now owns 3,760,474 shares of the company’s stock, valued at approximately $52,195,379.12. The disclosure for this sale can be found here. Insiders sold 88,884 shares of company stock worth $1,099,255 in the last 90 days. 7.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Grid Dynamics

Several institutional investors have recently bought and sold shares of the business. Arizona State Retirement System raised its position in Grid Dynamics by 5.3% in the 4th quarter. Arizona State Retirement System now owns 16,849 shares of the company’s stock valued at $225,000 after purchasing an additional 855 shares during the last quarter. American Trust raised its position in Grid Dynamics by 10.1% in the 3rd quarter. American Trust now owns 12,963 shares of the company’s stock valued at $158,000 after purchasing an additional 1,186 shares during the last quarter. Swiss National Bank raised its position in Grid Dynamics by 1.1% in the 3rd quarter. Swiss National Bank now owns 123,500 shares of the company’s stock valued at $1,504,000 after purchasing an additional 1,300 shares during the last quarter. International Assets Investment Management LLC bought a new position in Grid Dynamics in the 4th quarter valued at $26,000. Finally, Barclays PLC raised its position in shares of Grid Dynamics by 8.5% during the third quarter. Barclays PLC now owns 26,063 shares of the company’s stock worth $318,000 after acquiring an additional 2,036 shares during the last quarter. Institutional investors own 71.18% of the company’s stock.

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.