Cornerstone Investment Partners LLC Invests $252,000 in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Cornerstone Investment Partners LLC purchased a new position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 11,348 shares of the company’s stock, valued at approximately $252,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lord Abbett & CO. LLC acquired a new position in shares of Grid Dynamics during the 3rd quarter worth $8,589,000. SG Americas Securities LLC acquired a new position in Grid Dynamics in the 4th quarter valued at about $242,000. Barclays PLC raised its stake in Grid Dynamics by 173.8% in the 3rd quarter. Barclays PLC now owns 111,182 shares of the company’s stock valued at $1,556,000 after purchasing an additional 70,579 shares during the last quarter. Wellington Management Group LLP raised its stake in Grid Dynamics by 30.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after purchasing an additional 675,419 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Grid Dynamics by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after purchasing an additional 17,763 shares during the last quarter. Institutional investors and hedge funds own 71.18% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC upped their price objective on shares of Grid Dynamics from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $19.17.

Grid Dynamics Stock Performance

Shares of NASDAQ:GDYN opened at $18.59 on Tuesday. The stock has a market capitalization of $1.53 billion, a P/E ratio of 464.75 and a beta of 1.01. Grid Dynamics Holdings, Inc. has a 1 year low of $9.07 and a 1 year high of $25.50. The stock has a 50-day simple moving average of $21.57 and a 200-day simple moving average of $17.94.

Grid Dynamics (NASDAQ:GDYN) last released 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 analysts’ expectations of $96.00 million. Grid Dynamics had a negative return on equity of 0.33% and a net margin of 1.15%. Analysts predict that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 2,000 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $24.09, for a total transaction of $48,180.00. Following the completion of the transaction, the chief financial officer now directly owns 341,012 shares in the company, valued at approximately $8,214,979.08. This represents a 0.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 8,000 shares of company stock worth $171,780 in the last 90 days. 7.20% of the stock is owned by company insiders.

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.