Victory Capital Management Inc. Sells 12,662 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Victory Capital Management Inc. lessened its stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 29.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,165 shares of the company’s stock after selling 12,662 shares during the period. Victory Capital Management Inc.’s holdings in Grid Dynamics were worth $317,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Rhumbline Advisers raised its stake in Grid Dynamics by 5.2% during the second quarter. Rhumbline Advisers now owns 82,323 shares of the company’s stock valued at $865,000 after purchasing an additional 4,072 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Grid Dynamics by 11.2% during the 2nd quarter. Principal Financial Group Inc. now owns 41,044 shares of the company’s stock valued at $431,000 after buying an additional 4,134 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Grid Dynamics by 17.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,919 shares of the company’s stock valued at $188,000 after acquiring an additional 2,673 shares during the last quarter. Bank of New York Mellon Corp grew its position in Grid Dynamics by 9.6% in the second quarter. Bank of New York Mellon Corp now owns 240,095 shares of the company’s stock worth $2,523,000 after acquiring an additional 20,989 shares in the last quarter. Finally, Nicholas Company Inc. increased its stake in Grid Dynamics by 7.3% during the second quarter. Nicholas Company Inc. now owns 368,121 shares of the company’s stock worth $3,869,000 after acquiring an additional 24,986 shares during the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Grid Dynamics Price Performance

Shares of GDYN opened at $13.60 on Tuesday. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 453.33 and a beta of 1.06. The company has a 50-day moving average of $13.30 and a 200 day moving average of $11.63. Grid Dynamics Holdings, Inc. has a 1-year low of $9.07 and a 1-year high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $83.04 million during the quarter, compared to analyst estimates of $81.06 million. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. Grid Dynamics’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 earnings per share. On average, equities analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $10.43, for a total value of $31,290.00. Following the completion of the sale, the chief financial officer now owns 372,282 shares of the company’s stock, valued at approximately $3,882,901.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $10.43, for a total value of $31,290.00. Following the completion of the transaction, the chief financial officer now owns 372,282 shares of the company’s stock, valued at $3,882,901.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Leonard Livschitz sold 10,000 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $10.38, for a total value of $103,800.00. Following the sale, the chief executive officer now directly owns 3,565,901 shares in the company, valued at approximately $37,014,052.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 954,387 shares of company stock worth $12,176,954. Company insiders own 7.40% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.