Jennison Associates LLC Sells 224,913 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Jennison Associates LLC cut its holdings in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 9.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,212,991 shares of the company’s stock after selling 224,913 shares during the quarter. Jennison Associates LLC owned about 2.68% of Grid Dynamics worth $49,217,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Lord Abbett & CO. LLC bought a new position in shares of Grid Dynamics in the third quarter valued at about $8,589,000. Vontobel Holding Ltd. acquired a new position in Grid Dynamics in the 3rd quarter valued at about $1,143,000. Barclays PLC raised its holdings in Grid Dynamics by 173.8% in the 3rd quarter. Barclays PLC now owns 111,182 shares of the company’s stock valued at $1,556,000 after acquiring an additional 70,579 shares during the period. Wellington Management Group LLP lifted its position in Grid Dynamics by 30.9% during the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock worth $40,037,000 after acquiring an additional 675,419 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Grid Dynamics by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock worth $19,344,000 after acquiring an additional 17,763 shares during the period. Institutional investors and hedge funds own 71.18% of the company’s stock.

Analysts Set New Price Targets

GDYN has been the subject of several research reports. Needham & Company LLC lifted their price target on Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. JPMorgan Chase & Co. lifted their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. TD Cowen boosted their target price on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Citigroup raised their price target 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. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $18.33.

Grid Dynamics Stock Performance

GDYN opened at $23.38 on Wednesday. The business’s fifty day moving average is $20.61 and its 200-day moving average is $16.70. Grid Dynamics Holdings, Inc. has a 52-week low of $9.07 and a 52-week high of $24.16. The firm has a market cap of $1.93 billion, a P/E ratio of 779.59 and a beta of 1.01.

Insider Activity

In other news, CFO Anil Doradla sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $17.66, for a total value of $70,640.00. Following the sale, the chief financial officer now directly owns 376,282 shares in the company, valued at approximately $6,645,140.12. This trade represents a 1.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 10,000 shares of company stock worth $194,240. Insiders own 7.20% of the company’s stock.

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.