Charles Schwab Investment Management Inc. Cuts Stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)


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Charles Schwab Investment Management Inc. lowered its position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 0.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 154,829 shares of the company’s stock after selling 1,441 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Grid Dynamics were worth $1,197,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in GDYN. State Street Corp increased its holdings in shares of Grid Dynamics by 12.6% in the 3rd quarter. State Street Corp now owns 250,136 shares of the company’s stock valued at $1,934,000 after purchasing an additional 27,942 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Grid Dynamics by 27.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 194,943 shares of the company’s stock valued at $1,507,000 after purchasing an additional 42,443 shares in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Grid Dynamics in the 2nd quarter valued at about $90,000. California Public Employees Retirement System increased its holdings in shares of Grid Dynamics by 240.7% in the 2nd quarter. California Public Employees Retirement System now owns 47,700 shares of the company’s stock valued at $329,000 after purchasing an additional 33,700 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in shares of Grid Dynamics in the 2nd quarter valued at about $85,000. Institutional investors own 43.60% of the company’s stock.

Grid Dynamics stock opened at $12.60 on Friday. Grid Dynamics Holdings, Inc. has a 12-month low of $4.61 and a 12-month high of $13.51. The firm’s 50-day moving average is $10.75 and its two-hundred day moving average is $8.36.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, November 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. The company had revenue of $26.33 million during the quarter, compared to analyst estimates of $25.15 million. As a group, equities research analysts expect that Grid Dynamics Holdings, Inc. will post -0.09 EPS for the current fiscal year.

In related news, EVP Victoria Livshitz bought 126,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 16th. The shares were acquired at an average cost of $11.72 per share, with a total value of $1,476,720.00. Following the completion of the transaction, the executive vice president now owns 199,500 shares of the company’s stock, valued at $2,338,140. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 15.60% of the stock is currently owned by company insiders.

A number of brokerages have recently issued reports on GDYN. BidaskClub downgraded shares of Grid Dynamics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 16th. Zacks Investment Research raised shares of Grid Dynamics from a “sell” rating to a “hold” rating in a research note on Wednesday, October 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of Grid Dynamics in a research note on Tuesday, December 8th. Canaccord Genuity increased their price objective on shares of Grid Dynamics from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, December 16th. Finally, Cowen assumed coverage on shares of Grid Dynamics in a research note on Thursday, October 15th. They issued an “outperform” rating and a $11.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Grid Dynamics has an average rating of “Buy” and an average price target of $24.08.

Grid Dynamics Company Profile

Grid Dynamics Holdings, Inc provides enterprise-level digital transformation services for Fortune 1000 corporations in the United States, and Central and Eastern European countries. It works in collaboration with its clients on digital transformation initiatives that cover strategy consulting, early prototypes, and enterprise-scale delivery of new digital platforms.

Further Reading: How liquidity affects the bid-ask spread

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Institutional Ownership by Quarter for Grid Dynamics (NASDAQ:GDYN)

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