Jennison Associates LLC Sells 243,906 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Jennison Associates LLC cut its stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 9.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,437,904 shares of the company’s stock after selling 243,906 shares during the quarter. Jennison Associates LLC’s holdings in Grid Dynamics were worth $34,131,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. increased its stake in Grid Dynamics by 21.3% in the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after purchasing an additional 1,770 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of Grid Dynamics in the 2nd quarter valued at $117,000. ProShare Advisors LLC bought a new stake in shares of Grid Dynamics in the 1st quarter valued at $124,000. XTX Topco Ltd acquired a new stake in Grid Dynamics during the 2nd quarter worth $129,000. Finally, Mount Yale Investment Advisors LLC bought a new position in Grid Dynamics during the second quarter worth about $141,000. 71.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GDYN. JPMorgan Chase & Co. increased their price target 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 raised their target price on shares of Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Citigroup upped their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th. TD Cowen raised their price objective on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a research note on Monday, August 12th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Grid Dynamics currently has a consensus rating of “Buy” and a consensus price target of $17.50.

Insider Transactions at Grid Dynamics

In other news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $13.73, for a total value of $205,950.00. Following the sale, the chief executive officer now directly owns 3,475,901 shares in the company, valued at approximately $47,724,120.73. This trade represents a 0.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the completion of the sale, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. This represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 950,387 shares of company stock valued at $12,239,324. 7.20% of the stock is currently owned by company insiders.

Grid Dynamics Trading Up 5.4 %

NASDAQ:GDYN opened at $17.71 on Friday. The firm has a fifty day simple moving average of $15.39 and a 200 day simple moving average of $12.89. Grid Dynamics Holdings, Inc. has a 1-year low of $9.07 and a 1-year high of $19.86. The stock has a market capitalization of $1.36 billion, a PE ratio of 590.53 and a beta of 1.04.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, October 31st. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $87.40 million during the quarter, compared to the consensus estimate of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. Grid Dynamics’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.08 EPS.

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.