Geode Capital Management LLC Increases Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Geode Capital Management LLC increased its stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 1.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,381,429 shares of the company’s stock after purchasing an additional 17,763 shares during the quarter. Geode Capital Management LLC owned approximately 1.80% of Grid Dynamics worth $19,344,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in GDYN. Barclays PLC lifted its position in Grid Dynamics by 173.8% during the third quarter. Barclays PLC now owns 111,182 shares of the company’s stock valued at $1,556,000 after acquiring an additional 70,579 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Grid Dynamics by 30.9% during 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. State Street Corp boosted its position in shares of Grid Dynamics by 0.5% in the 3rd quarter. State Street Corp now owns 1,446,130 shares of the company’s stock worth $20,246,000 after purchasing an additional 6,938 shares in the last quarter. Stifel Financial Corp grew its stake in Grid Dynamics by 8.4% during the 3rd quarter. Stifel Financial Corp now owns 79,214 shares of the company’s stock worth $1,109,000 after buying an additional 6,151 shares during the last quarter. Finally, Quarry LP increased its position in Grid Dynamics by 131.5% during the 3rd quarter. Quarry LP now owns 5,236 shares of the company’s stock valued at $73,000 after buying an additional 2,974 shares in the last quarter. Institutional investors own 71.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GDYN shares. TD Cowen raised their price target on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. boosted their target price 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. Citigroup raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, Needham & Company LLC boosted their price objective on shares of Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, December 12th. 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 MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $18.33.

Insider Activity at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $17.66, for a total value of $52,980.00. Following the completion of the transaction, the chief financial officer now owns 380,282 shares in the company, valued at approximately $6,715,780.12. The trade was a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $14.56, for a total value of $218,400.00. Following the sale, the chief executive officer now directly owns 3,460,901 shares in the company, valued at $50,390,718.56. This represents a 0.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,000 shares of company stock worth $399,260. Company insiders own 7.20% of the company’s stock.

Grid Dynamics Trading Up 7.7 %

Shares of NASDAQ:GDYN opened at $22.70 on Friday. The company has a market capitalization of $1.87 billion, a PE ratio of 756.92 and a beta of 1.06. Grid Dynamics Holdings, Inc. has a 12-month low of $9.07 and a 12-month high of $24.16. The business has a 50 day moving average of $18.13 and a two-hundred day moving average of $14.63.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The firm had revenue of $87.40 million for the quarter, compared to analysts’ expectations of $85.09 million. During the same quarter last year, the company earned $0.08 EPS. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities research analysts predict that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

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.