Rhumbline Advisers Purchases 4,072 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Rhumbline Advisers lifted its position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 5.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 82,323 shares of the company’s stock after acquiring an additional 4,072 shares during the quarter. Rhumbline Advisers’ holdings in Grid Dynamics were worth $865,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Lord Abbett & CO. LLC increased its holdings in shares of Grid Dynamics by 42.3% in the first quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock worth $5,890,000 after purchasing an additional 142,446 shares during the last quarter. Silvercrest Asset Management Group LLC increased its holdings in shares of Grid Dynamics by 43.1% in the first quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock worth $7,429,000 after purchasing an additional 182,052 shares during the last quarter. Comerica Bank grew its position in Grid Dynamics by 198.8% in the first quarter. Comerica Bank now owns 77,820 shares of the company’s stock worth $956,000 after acquiring an additional 51,778 shares in the last quarter. 1492 Capital Management LLC grew its position in Grid Dynamics by 1.1% in the fourth quarter. 1492 Capital Management LLC now owns 271,964 shares of the company’s stock worth $3,625,000 after acquiring an additional 2,926 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Grid Dynamics by 1.6% in the first quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock worth $51,643,000 after acquiring an additional 64,300 shares in the last quarter. 71.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on GDYN shares. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Needham & Company LLC lifted their price target on Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. TD Cowen upgraded Grid Dynamics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $12.00 to $16.00 in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on Grid Dynamics from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Citigroup dropped their price target on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, July 12th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $15.67.

Grid Dynamics Stock Performance

Shares of NASDAQ GDYN opened at $13.60 on Tuesday. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 453.33 and a beta of 1.06. The stock has a 50 day moving average price of $13.30 and a 200 day moving average price of $11.63. Grid Dynamics Holdings, Inc. has a 52-week low of $9.07 and a 52-week high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $83.04 million during the quarter, compared to analyst estimates of $81.06 million. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. Grid Dynamics’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 earnings per share. Analysts forecast that Grid Dynamics Holdings, Inc. will post 0.02 earnings per share for the current year.

Insider Activity at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $10.43, for a total value of $31,290.00. Following the completion of the sale, the chief financial officer now owns 372,282 shares in the company, valued at $3,882,901.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $10.43, for a total value of $31,290.00. Following the completion of the transaction, the chief financial officer now owns 372,282 shares of the company’s stock, valued at $3,882,901.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the completion of the transaction, the insider now directly owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 954,387 shares of company stock worth $12,176,954. Company insiders own 7.40% 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.