Grid Dynamics (NASDAQ:GDYN) Price Target Raised to $25.00

Grid Dynamics (NASDAQ:GDYN) had its price target raised by Needham & Company LLC from $20.00 to $25.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 27.36% from the company’s previous close.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. lifted their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. TD Cowen boosted their target price on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Citigroup raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Grid Dynamics currently has an average rating of “Buy” and an average target price of $18.33.

Grid Dynamics Stock Down 1.9 %

Grid Dynamics stock opened at $19.63 on Thursday. The company has a fifty day simple moving average of $16.82 and a 200-day simple moving average of $13.74. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 654.33 and a beta of 1.06. Grid Dynamics has a 52-week low of $9.07 and a 52-week high of $20.34.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $87.40 million during the quarter, compared to the consensus estimate of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. Grid Dynamics’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.08 EPS.

Insider Transactions at Grid Dynamics

In related news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $13.73, for a total value of $205,950.00. Following the completion of the transaction, the chief executive officer now owns 3,475,901 shares in the company, valued at $47,724,120.73. The trade was a 0.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $19.08, for a total transaction of $57,240.00. Following the completion of the sale, the chief financial officer now directly owns 373,282 shares in the company, valued at approximately $7,122,220.56. This represents a 0.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 40,000 shares of company stock worth $605,210 over the last ninety days. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

A number of institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC raised its stake in Grid Dynamics by 38.7% in the third quarter. FMR LLC now owns 2,873 shares of the company’s stock valued at $40,000 after buying an additional 801 shares in the last quarter. Quarry LP increased its holdings in shares of Grid Dynamics by 131.5% in the 3rd quarter. Quarry LP now owns 5,236 shares of the company’s stock valued at $73,000 after acquiring an additional 2,974 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in shares of Grid Dynamics during the 2nd quarter worth about $117,000. Quantbot Technologies LP purchased a new stake in Grid Dynamics during the third quarter worth approximately $122,000. Finally, XTX Topco Ltd acquired a new position in Grid Dynamics in the second quarter valued at approximately $129,000. Institutional investors and hedge funds 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.