Grid Dynamics (NASDAQ:GDYN) Given New $30.00 Price Target at Needham & Company LLC

Grid Dynamics (NASDAQ:GDYN) had its target price increased by Needham & Company LLC from $25.00 to $30.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also commented on the stock. 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 research report on Monday, October 28th. TD Cowen boosted their price objective 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. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $19.17.

Grid Dynamics Stock Performance

Shares of GDYN opened at $21.37 on Friday. Grid Dynamics has a twelve month low of $9.07 and a twelve month high of $25.50. The firm’s 50 day moving average price is $21.64 and its two-hundred day moving average price is $17.62. The firm has a market cap of $1.76 billion, a P/E ratio of 712.57 and a beta of 1.01.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The company had revenue of $100.28 million during the quarter, compared to the consensus estimate of $96.00 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. On average, sell-side analysts anticipate that Grid Dynamics will post 0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $19.08, for a total transaction of $57,240.00. Following the transaction, the chief financial officer now directly owns 373,282 shares in the company, valued at approximately $7,122,220.56. The trade was a 0.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 8,000 shares of company stock worth $171,780. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

A number of institutional investors have recently added to or reduced their stakes in the company. Castleark Management LLC acquired a new position in Grid Dynamics during the fourth quarter worth $5,804,000. PharVision Advisers LLC acquired a new position in shares of Grid Dynamics in the fourth quarter valued at $214,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Grid Dynamics by 7.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,913 shares of the company’s stock valued at $2,667,000 after purchasing an additional 8,116 shares during the last quarter. Two Sigma Investments LP acquired a new position in shares of Grid Dynamics in the fourth quarter valued at $1,219,000. Finally, State of Wyoming increased its holdings in shares of Grid Dynamics by 4.1% in the fourth quarter. State of Wyoming now owns 26,495 shares of the company’s stock valued at $589,000 after purchasing an additional 1,046 shares during the last quarter. 71.18% of the stock is currently owned by institutional investors and hedge funds.

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.