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

Grid Dynamics (NASDAQ:GDYN) had its price objective hoisted by Needham & Company LLC from $25.00 to $30.00 in a research report released on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. upped their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Citigroup boosted their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, TD Cowen lifted their target price on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $19.17.

Grid Dynamics Stock Up 4.3 %

Grid Dynamics stock opened at $21.37 on Friday. The firm has a 50 day moving average price of $21.64 and a 200-day moving average price of $17.68. Grid Dynamics has a twelve month low of $9.07 and a twelve month high of $25.50. The company has a market capitalization of $1.76 billion, a P/E ratio of 534.25 and a beta of 1.01.

Grid Dynamics (NASDAQ:GDYN) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). Grid Dynamics had a negative return on equity of 0.33% and a net margin of 1.15%. The company had revenue of $100.28 million during the quarter, compared to the consensus estimate of $96.00 million. Equities analysts expect that Grid Dynamics will post 0.18 EPS for the current fiscal year.

Insider Activity at Grid Dynamics

In other news, CFO Anil Doradla sold 2,000 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $24.09, for a total transaction of $48,180.00. Following the sale, the chief financial officer now directly owns 341,012 shares in the company, valued at $8,214,979.08. This trade represents a 0.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 8,000 shares of company stock worth $171,780. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC purchased a new position in shares of Grid Dynamics in the third quarter valued at $8,589,000. SG Americas Securities LLC bought a new position in Grid Dynamics during the fourth quarter valued at $242,000. Barclays PLC grew its stake in shares of Grid Dynamics by 173.8% in the 3rd quarter. Barclays PLC now owns 111,182 shares of the company’s stock worth $1,556,000 after buying an additional 70,579 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Grid Dynamics by 30.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock worth $40,037,000 after buying an additional 675,419 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Grid Dynamics by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after buying an additional 17,763 shares in the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.

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.