Needham & Company LLC Issues Positive Forecast for Grid Dynamics (NASDAQ:GDYN) Stock Price

Grid Dynamics (NASDAQ:GDYN) had its target price lifted by Needham & Company LLC from $20.00 to $25.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Citigroup lifted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th. TD Cowen lifted their price objective on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. increased 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 analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Grid Dynamics has a consensus rating of “Buy” and an average target price of $18.33.

Grid Dynamics Stock Down 1.7 %

NASDAQ GDYN opened at $19.12 on Thursday. The firm has a market capitalization of $1.58 billion, a PE ratio of 637.33 and a beta of 1.06. The stock’s 50 day moving average is $17.02 and its 200 day moving average is $13.87. Grid Dynamics has a twelve month low of $9.07 and a twelve month high of $20.34.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, October 31st. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $87.40 million for the quarter, compared to analysts’ expectations of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.08 EPS. On average, research analysts anticipate that Grid Dynamics will post 0.03 earnings per share for the current year.

Insider Activity

In other Grid Dynamics news, CFO Anil Doradla sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $17.66, for a total transaction of $70,640.00. Following the completion of the sale, the chief financial officer now directly owns 376,282 shares of the company’s stock, valued at approximately $6,645,140.12. This represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was 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 directly owns 3,475,901 shares in the company, valued at $47,724,120.73. This trade represents a 0.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,000 shares of company stock valued at $605,210 over the last ninety days. 7.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GDYN. FMR LLC raised its holdings in shares of Grid Dynamics by 38.7% during the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after acquiring an additional 801 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Grid Dynamics by 5.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock valued at $235,000 after buying an additional 1,184 shares during the period. Trust Point Inc. raised its holdings in Grid Dynamics by 5.0% during the 3rd quarter. Trust Point Inc. now owns 32,290 shares of the company’s stock valued at $452,000 after buying an additional 1,532 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Grid Dynamics by 8.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 25,546 shares of the company’s stock worth $314,000 after buying an additional 1,985 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Grid Dynamics by 17.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,919 shares of the company’s stock valued at $188,000 after acquiring an additional 2,673 shares during the last quarter. 71.18% of the stock is currently owned by institutional investors.

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.