Trust Point Inc. Acquires 2,542 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Trust Point Inc. raised its stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 7.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 34,832 shares of the company’s stock after purchasing an additional 2,542 shares during the period. Trust Point Inc.’s holdings in Grid Dynamics were worth $775,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of Grid Dynamics by 38.7% in the third quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after acquiring an additional 801 shares during the period. MCF Advisors LLC lifted its position in shares of Grid Dynamics by 65.8% in the 4th quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock worth $41,000 after purchasing an additional 740 shares during the period. Quarry LP boosted its stake in shares of Grid Dynamics by 131.5% in the 3rd quarter. Quarry LP now owns 5,236 shares of the company’s stock valued at $73,000 after purchasing an additional 2,974 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Grid Dynamics during the third quarter worth $122,000. Finally, Intech Investment Management LLC bought a new position in Grid Dynamics during the third quarter worth $153,000. 71.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GDYN has been the subject of a number of recent analyst reports. TD Cowen increased their price target on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, November 1st. 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. Needham & Company LLC increased 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. Finally, 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. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $18.33.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $19.08, for a total value of $57,240.00. Following the completion of the sale, the chief financial officer now directly owns 373,282 shares of the company’s stock, valued at $7,122,220.56. This represents a 0.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 10,000 shares of company stock worth $194,240. Insiders own 7.20% of the company’s stock.

Grid Dynamics Stock Up 2.7 %

Shares of NASDAQ:GDYN opened at $23.38 on Wednesday. The stock’s 50 day moving average is $20.61 and its 200-day moving average is $16.70. Grid Dynamics Holdings, Inc. has a twelve month low of $9.07 and a twelve month high of $24.16. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 779.59 and a beta of 1.01.

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.