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

Grid Dynamics (NASDAQ:GDYN) had its price target lifted by Needham & Company LLC from $17.00 to $20.00 in a research note published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on GDYN. JPMorgan Chase & Co. raised their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Citigroup raised their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. TD Cowen raised shares of Grid Dynamics from a “hold” rating to a “buy” rating and upped their target price for the company from $12.00 to $16.00 in a report on Friday, August 2nd. Finally, Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a research note on Monday, August 12th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Grid Dynamics currently has an average rating of “Buy” and an average target price of $17.50.

Grid Dynamics Stock Up 2.5 %

NASDAQ:GDYN opened at $15.62 on Friday. Grid Dynamics has a 52 week low of $9.07 and a 52 week high of $17.66. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 520.84 and a beta of 1.04. The company has a fifty day simple moving average of $14.49 and a two-hundred day simple moving average of $12.26.

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

Insider Activity

In related news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $13.02, for a total value of $195,300.00. Following the completion of the sale, the chief executive officer now owns 3,520,901 shares in the company, valued at $45,842,131.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $13.02, for a total transaction of $195,300.00. Following the completion of the sale, the chief executive officer now directly owns 3,520,901 shares in the company, valued at approximately $45,842,131.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $17.66, for a total transaction of $52,980.00. Following the transaction, the chief financial officer now directly owns 380,282 shares of the company’s stock, valued at approximately $6,715,780.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 961,387 shares of company stock valued at $12,363,984 over the last quarter. Corporate insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Rice Hall James & Associates LLC acquired a new stake in shares of Grid Dynamics during the third quarter worth $1,751,000. Mount Yale Investment Advisors LLC lifted its position in Grid Dynamics by 32.5% during the third quarter. Mount Yale Investment Advisors LLC now owns 17,791 shares of the company’s stock worth $249,000 after buying an additional 4,362 shares during the period. Trust Point Inc. boosted its stake in Grid Dynamics by 5.0% in the 3rd quarter. Trust Point Inc. now owns 32,290 shares of the company’s stock worth $452,000 after buying an additional 1,532 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in Grid Dynamics in the 3rd quarter valued at about $1,143,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Grid Dynamics by 5.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock valued at $235,000 after acquiring an additional 1,184 shares during the last quarter. 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.