Needham & Company LLC Boosts Grid Dynamics (NASDAQ:GDYN) Price Target to $17.00

Grid Dynamics (NASDAQ:GDYN) had its price target raised by Needham & Company LLC from $16.00 to $17.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. TD Cowen raised Grid Dynamics from a hold rating to a buy rating and lifted their target price for the stock from $12.00 to $16.00 in a report on Friday, August 2nd. Wedbush restated an outperform rating and set a $13.00 target price on shares of Grid Dynamics in a research report on Thursday, May 23rd. Citigroup dropped their price target on shares of Grid Dynamics from $15.00 to $14.00 and set a buy rating for the company in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. reduced their price target on Grid Dynamics from $17.00 to $15.00 and set an overweight rating on the stock in a research report on Thursday, May 2nd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of Buy and an average target price of $15.33.

Grid Dynamics Stock Down 3.2 %

NASDAQ:GDYN opened at $13.29 on Monday. Grid Dynamics has a 12-month low of $9.07 and a 12-month high of $14.70. The stock’s 50 day moving average price is $10.98 and its two-hundred day moving average price is $11.59. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 443.00 and a beta of 1.05.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, August 1st. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The business had revenue of $83.04 million during the quarter, compared to the consensus estimate of $81.06 million. During the same quarter in the previous year, the firm posted $0.09 EPS. Grid Dynamics’s revenue was up 7.4% compared to the same quarter last year. Equities research analysts expect that Grid Dynamics will post 0.02 EPS for the current year.

Insider Activity at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $9.24, for a total transaction of $92,400.00. Following the completion of the sale, the chief executive officer now directly owns 3,585,901 shares in the company, valued at $33,133,725.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $12.97, for a total value of $38,910.00. Following the transaction, the chief financial officer now owns 369,282 shares in the company, valued at $4,789,587.54. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Leonard Livschitz sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $9.24, for a total value of $92,400.00. Following the transaction, the chief executive officer now directly owns 3,585,901 shares of the company’s stock, valued at approximately $33,133,725.24. The disclosure for this sale can be found here. Insiders have sold 63,000 shares of company stock valued at $647,860 over the last three months. 7.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Grid Dynamics

A number of hedge funds have recently made changes to their positions in GDYN. American Century Companies Inc. lifted its stake in Grid Dynamics by 34.9% in the 2nd quarter. American Century Companies Inc. now owns 38,852 shares of the company’s stock valued at $408,000 after purchasing an additional 10,054 shares during the last quarter. Summit Creek Advisors LLC lifted its stake in shares of Grid Dynamics by 25.1% in the 2nd quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock valued at $12,065,000 after acquiring an additional 230,688 shares during the last quarter. Rhumbline Advisers boosted its stake in Grid Dynamics by 5.2% during the second quarter. Rhumbline Advisers now owns 82,323 shares of the company’s stock worth $865,000 after acquiring an additional 4,072 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Grid Dynamics by 11.2% in the second quarter. Principal Financial Group Inc. now owns 41,044 shares of the company’s stock worth $431,000 after purchasing an additional 4,134 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Grid Dynamics by 17.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,919 shares of the company’s stock valued at $188,000 after buying an additional 2,673 shares in the last quarter. 71.18% of the stock is currently owned by institutional investors and hedge funds.

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.