Oppenheimer Asset Management Inc. Has $1.36 Million Stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Oppenheimer Asset Management Inc. lowered its stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 2.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,815 shares of the company’s stock after selling 2,535 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Grid Dynamics were worth $1,355,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Rice Hall James & Associates LLC bought a new stake in shares of Grid Dynamics during the 3rd quarter valued at $1,751,000. Mount Yale Investment Advisors LLC grew its holdings in shares of Grid Dynamics by 32.5% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 17,791 shares of the company’s stock valued at $249,000 after purchasing an additional 4,362 shares during the last quarter. Trust Point Inc. increased its position in Grid Dynamics by 5.0% during the 3rd quarter. Trust Point Inc. now owns 32,290 shares of the company’s stock worth $452,000 after purchasing an additional 1,532 shares in the last quarter. Vontobel Holding Ltd. bought a new position in shares of Grid Dynamics in the 3rd quarter valued at $1,143,000. Finally, The Manufacturers Life Insurance Company raised its position in Grid Dynamics by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock valued at $235,000 after purchasing an additional 1,184 shares during the last quarter. Institutional investors own 71.18% of the company’s stock.

Insider Activity at Grid Dynamics

In related news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total value of $11,691,353.60. Following the transaction, the insider now owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. This trade represents a 6.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $13.73, for a total value of $205,950.00. Following the sale, the chief executive officer now directly owns 3,475,901 shares of the company’s stock, valued at $47,724,120.73. This represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 950,387 shares of company stock valued at $12,239,324. 7.40% of the stock is owned by company insiders.

Grid Dynamics Trading Down 4.6 %

Shares of NASDAQ GDYN opened at $16.25 on Monday. The firm has a market capitalization of $1.25 billion, a P/E ratio of 541.85 and a beta of 1.04. The firm’s 50-day moving average price is $15.19 and its 200-day moving average price is $12.74. Grid Dynamics Holdings, Inc. has a 1-year low of $9.07 and a 1-year high of $19.86.

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GDYN. JPMorgan Chase & Co. raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Needham & Company LLC upped their target price on Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 1st. Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Citigroup upped their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, TD Cowen lifted their target price on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Grid Dynamics currently has an average rating of “Buy” and a consensus target price of $17.50.

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.