Rhumbline Advisers Purchases 4,072 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Rhumbline Advisers grew its stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 5.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 82,323 shares of the company’s stock after acquiring an additional 4,072 shares during the period. Rhumbline Advisers owned about 0.11% of Grid Dynamics worth $865,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Wellington Management Group LLP lifted its stake in Grid Dynamics by 26.7% in the 4th quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company’s stock worth $25,046,000 after purchasing an additional 396,320 shares in the last quarter. Wasatch Advisors LP grew its holdings in Grid Dynamics by 4.9% in the 1st quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock worth $93,585,000 after acquiring an additional 357,785 shares during the last quarter. Silvercrest Asset Management Group LLC grew its holdings in Grid Dynamics by 43.1% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock worth $7,429,000 after acquiring an additional 182,052 shares during the last quarter. G2 Investment Partners Management LLC bought a new stake in Grid Dynamics in the 4th quarter worth $2,234,000. Finally, Lord Abbett & CO. LLC boosted its stake in shares of Grid Dynamics by 42.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock valued at $5,890,000 after purchasing an additional 142,446 shares in the last quarter. 71.18% of the stock is owned by institutional investors.

Grid Dynamics Trading Up 2.3 %

GDYN opened at $13.60 on Tuesday. The company’s 50 day moving average is $13.30 and its 200 day moving average is $11.63. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 453.33 and a beta of 1.06. Grid Dynamics Holdings, Inc. has a 12-month low of $9.07 and a 12-month high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, August 1st. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. The company had revenue of $83.04 million for the quarter, compared to analysts’ expectations of $81.06 million. During the same period last year, the firm earned $0.09 EPS. Grid Dynamics’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, analysts predict that Grid Dynamics Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GDYN shares. Citigroup cut their target price on shares of Grid Dynamics from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, July 12th. Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. JPMorgan Chase & Co. lifted their target price on shares of Grid Dynamics from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Needham & Company LLC lifted their target price on shares of Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, TD Cowen upgraded shares of Grid Dynamics from a “hold” rating to a “buy” rating and increased their price objective for the company from $12.00 to $16.00 in a research report on Friday, August 2nd. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Grid Dynamics presently has an average rating of “Buy” and an average target price of $15.67.

Insider Activity at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $10.38, for a total transaction of $103,800.00. Following the sale, the chief executive officer now owns 3,565,901 shares in the company, valued at approximately $37,014,052.38. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Grid Dynamics news, CEO Leonard Livschitz sold 10,000 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $10.38, for a total value of $103,800.00. Following the completion of the sale, the chief executive officer now owns 3,565,901 shares in the company, valued at approximately $37,014,052.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total value of $11,691,353.60. Following the sale, the insider now directly owns 13,889,183 shares in the company, valued at $177,781,542.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 954,387 shares of company stock worth $12,176,954. 7.40% of the stock is owned by company insiders.

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.