Needham & Company LLC Reiterates “Buy” Rating for Grid Dynamics (NASDAQ:GDYN)

Needham & Company LLC reiterated their buy rating on shares of Grid Dynamics (NASDAQ:GDYN) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $16.00 price target on the stock.

Several other research analysts also recently commented on the company. Cantor Fitzgerald lifted their target price on Grid Dynamics from $14.00 to $17.00 and gave the stock an overweight rating in a report on Wednesday, March 13th. JPMorgan Chase & Co. decreased their price objective on Grid Dynamics from $17.00 to $15.00 and set an overweight rating for the company in a report on Thursday. Finally, Citigroup decreased their price objective on Grid Dynamics from $17.00 to $15.00 and set a buy rating for the company in a report on Monday, April 22nd. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $15.75.

Grid Dynamics Stock Up 5.5 %

Shares of Grid Dynamics stock traded up $0.55 on Friday, hitting $10.62. The stock had a trading volume of 518,023 shares, compared to its average volume of 316,781. Grid Dynamics has a twelve month low of $8.05 and a twelve month high of $14.70. The business’s 50 day moving average is $11.74 and its two-hundred day moving average is $12.34. The stock has a market cap of $806.80 million, a price-to-earnings ratio of 335.78 and a beta of 1.00.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, February 22nd. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.01). The firm had revenue of $78.07 million during the quarter, compared to analyst estimates of $76.64 million. Grid Dynamics had a net margin of 0.72% and a return on equity of 3.31%. Grid Dynamics’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 EPS. As a group, equities analysts predict that Grid Dynamics will post 0.07 earnings per share for the current fiscal year.

Insider Activity at Grid Dynamics

In related news, CFO Anil Doradla sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.26, for a total value of $53,040.00. Following the transaction, the chief financial officer now owns 395,568 shares in the company, valued at $5,245,231.68. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Grid Dynamics news, CFO Anil Doradla sold 4,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.26, for a total transaction of $53,040.00. Following the sale, the chief financial officer now owns 395,568 shares in the company, valued at $5,245,231.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Leonard Livschitz sold 10,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $10.54, for a total value of $105,400.00. Following the sale, the chief executive officer now owns 3,660,691 shares in the company, valued at approximately $38,583,683.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,884 shares of company stock worth $1,099,255. Insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Several institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System lifted its position in shares of Grid Dynamics by 5.3% during the fourth quarter. Arizona State Retirement System now owns 16,849 shares of the company’s stock worth $225,000 after acquiring an additional 855 shares in the last quarter. American Trust increased its holdings in shares of Grid Dynamics by 10.1% in the third quarter. American Trust now owns 12,963 shares of the company’s stock worth $158,000 after purchasing an additional 1,186 shares during the period. Swiss National Bank increased its holdings in shares of Grid Dynamics by 1.1% in the third quarter. Swiss National Bank now owns 123,500 shares of the company’s stock worth $1,504,000 after purchasing an additional 1,300 shares during the period. International Assets Investment Management LLC bought a new position in shares of Grid Dynamics in the fourth quarter worth $26,000. Finally, Barclays PLC increased its stake in Grid Dynamics by 8.5% in the third quarter. Barclays PLC now owns 26,063 shares of the company’s stock valued at $318,000 after acquiring an additional 2,036 shares during 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.