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

Grid Dynamics (NASDAQ:GDYN) had its target price increased by investment analysts at Needham & Company LLC from $25.00 to $30.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 46.48% from the stock’s current price.

Other research analysts have also issued reports about the company. Citigroup upped their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, October 28th. JPMorgan Chase & Co. upped their target price on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, TD Cowen upped their target price on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $19.17.

Grid Dynamics Price Performance

Shares of Grid Dynamics stock opened at $20.48 on Friday. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 682.89 and a beta of 1.01. Grid Dynamics has a 52-week low of $9.07 and a 52-week high of $24.60. The stock has a 50-day simple moving average of $21.60 and a 200-day simple moving average of $17.57.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, February 20th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.06). Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. As a group, equities research analysts predict that Grid Dynamics will post 0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $22.12, for a total transaction of $66,360.00. Following the completion of the transaction, the chief financial officer now directly owns 343,012 shares in the company, valued at $7,587,425.44. This represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 8,000 shares of company stock worth $171,780 over the last three months. 7.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GDYN. Loomis Sayles & Co. L P acquired a new position in Grid Dynamics during the fourth quarter worth $55,114,000. Vanguard Group Inc. grew its holdings in shares of Grid Dynamics by 26.8% during the fourth quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company’s stock worth $123,110,000 after purchasing an additional 1,171,481 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Grid Dynamics during the fourth quarter worth $23,053,000. William Blair Investment Management LLC bought a new stake in shares of Grid Dynamics during the fourth quarter worth $22,192,000. Finally, Ensign Peak Advisors Inc bought a new stake in shares of Grid Dynamics during the fourth quarter worth $20,162,000. 71.18% of the stock is currently owned by institutional investors and hedge funds.

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.