Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 53.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,305 shares of the company’s stock after selling 21,739 shares during the quarter. Principal Financial Group Inc.’s holdings in Grid Dynamics were worth $270,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GDYN. FMR LLC grew its stake in Grid Dynamics by 38.7% during the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock valued at $40,000 after acquiring an additional 801 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Grid Dynamics by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock worth $235,000 after buying an additional 1,184 shares during the last quarter. Trust Point Inc. boosted its holdings in Grid Dynamics by 5.0% in the 3rd quarter. Trust Point Inc. now owns 32,290 shares of the company’s stock valued at $452,000 after purchasing an additional 1,532 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Grid Dynamics by 17.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,919 shares of the company’s stock worth $188,000 after buying an additional 2,673 shares in the last quarter. Finally, Quarry LP lifted its position in Grid Dynamics by 131.5% in the third quarter. Quarry LP now owns 5,236 shares of the company’s stock worth $73,000 after purchasing an additional 2,974 shares during the period. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $17.66, for a total transaction of $52,980.00. Following the transaction, the chief financial officer now owns 380,282 shares in the company, valued at approximately $6,715,780.12. This trade represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 10,000 shares of company stock valued at $180,860 over the last 90 days. 7.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on GDYN. Citigroup lifted their price objective on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th. JPMorgan Chase & Co. increased their price objective on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Needham & Company LLC raised their price objective on shares of Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, TD Cowen boosted their target price on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Five research 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, the stock has a consensus rating of “Buy” and an average price target of $18.33.

Grid Dynamics Stock Performance

Shares of Grid Dynamics stock opened at $22.18 on Tuesday. Grid Dynamics Holdings, Inc. has a 52-week low of $9.07 and a 52-week high of $24.16. The business’s 50 day simple moving average is $18.91 and its 200 day simple moving average is $15.20. The firm has a market cap of $1.83 billion, a PE ratio of 739.58 and a beta of 1.01.

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

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.