JPMorgan Chase & Co. Decreases Stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

JPMorgan Chase & Co. reduced its holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 70.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,759 shares of the company’s stock after selling 366,303 shares during the period. JPMorgan Chase & Co.’s holdings in Grid Dynamics were worth $2,181,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Lord Abbett & CO. LLC purchased a new position in shares of Grid Dynamics in the third quarter worth about $8,589,000. Barclays PLC lifted its stake in shares of Grid Dynamics by 173.8% in the third quarter. Barclays PLC now owns 111,182 shares of the company’s stock worth $1,556,000 after buying an additional 70,579 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Grid Dynamics by 35.9% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 107,738 shares of the company’s stock worth $1,508,000 after buying an additional 28,438 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Grid Dynamics by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock worth $19,344,000 after buying an additional 17,763 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Grid Dynamics by 30.9% in the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock worth $40,037,000 after buying an additional 675,419 shares in the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. 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. JPMorgan Chase & Co. lifted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Needham & Company LLC lifted their target price on shares of Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, Citigroup lifted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Grid Dynamics currently has a consensus rating of “Buy” and a consensus price target of $18.33.

Insider Transactions at Grid Dynamics

In other Grid Dynamics news, CFO Anil Doradla sold 4,000 shares of the 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 sale, the chief financial officer now directly owns 376,282 shares in the company, valued at $6,645,140.12. This represents a 1.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 13,000 shares of company stock worth $247,220. 7.20% of the stock is currently owned by insiders.

Grid Dynamics Stock Performance

Shares of GDYN stock opened at $20.80 on Wednesday. The firm’s 50 day moving average price is $19.75 and its 200-day moving average price is $15.94. Grid Dynamics Holdings, Inc. has a one year low of $9.07 and a one year high of $24.16. The firm has a market cap of $1.72 billion, a P/E ratio of 693.56 and a beta of 1.01.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The firm had revenue of $87.40 million for the quarter, compared to analyst estimates of $85.09 million. During the same period in the prior year, the business posted $0.08 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, research analysts predict that Grid Dynamics Holdings, Inc. will post 0.03 EPS for the current fiscal year.

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.