Trust Point Inc. Grows Holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Trust Point Inc. raised its position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 7.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 34,832 shares of the company’s stock after buying an additional 2,542 shares during the period. Trust Point Inc.’s holdings in Grid Dynamics were worth $775,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP increased its position in shares of Grid Dynamics by 30.9% during the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after acquiring an additional 675,419 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of Grid Dynamics during the 3rd quarter valued at $8,589,000. Rice Hall James & Associates LLC purchased a new position in shares of Grid Dynamics in the 3rd quarter worth about $1,751,000. Vontobel Holding Ltd. bought a new position in Grid Dynamics during the third quarter valued at about $1,143,000. Finally, Barclays PLC increased its holdings in Grid Dynamics by 173.8% during the third quarter. Barclays PLC now owns 111,182 shares of the company’s stock worth $1,556,000 after buying an additional 70,579 shares during the last quarter. Institutional investors own 71.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Citigroup boosted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th. TD Cowen increased their price objective on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. raised their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC upped their price target on Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Grid Dynamics has an average rating of “Buy” and a consensus price target of $18.33.

Grid Dynamics Price Performance

NASDAQ:GDYN opened at $23.38 on Wednesday. The company has a market cap of $1.93 billion, a P/E ratio of 779.59 and a beta of 1.01. Grid Dynamics Holdings, Inc. has a 1 year low of $9.07 and a 1 year high of $24.16. The stock’s fifty day moving average price is $20.61 and its two-hundred day moving average price is $16.70.

Insiders Place Their Bets

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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 10,000 shares of company stock worth $194,240 in the last quarter. 7.20% of the stock is owned by company insiders.

Grid Dynamics 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.