JPMorgan Chase & Co. Decreases Holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

JPMorgan Chase & Co. decreased its position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 70.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 155,759 shares of the company’s stock after selling 366,303 shares during the period. JPMorgan Chase & Co. owned 0.19% of Grid Dynamics worth $2,181,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lord Abbett & CO. LLC purchased a new stake in Grid Dynamics during the third quarter valued at approximately $8,589,000. Vontobel Holding Ltd. purchased a new stake in Grid Dynamics during the third quarter valued at approximately $1,143,000. 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 position in Grid Dynamics by 30.9% during the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after acquiring an additional 675,419 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Grid Dynamics by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock worth $19,344,000 after buying an additional 17,763 shares during the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on GDYN shares. 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. Needham & Company LLC raised their price target on shares of Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. TD Cowen raised their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $18.33.

Grid Dynamics Price Performance

Shares of Grid Dynamics stock opened at $20.80 on Wednesday. The firm has a fifty day moving average price of $19.75 and a 200 day moving average price of $15.94. Grid Dynamics Holdings, Inc. has a 1 year low of $9.07 and a 1 year high of $24.16. The stock has a market cap of $1.72 billion, a PE ratio of 693.56 and a beta of 1.01.

Grid Dynamics (NASDAQ:GDYN) last issued its earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $85.09 million. During the same quarter last year, the company posted $0.08 earnings per share. The firm’s revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts expect that Grid Dynamics Holdings, Inc. will post 0.03 EPS for the current year.

Insider Activity at Grid Dynamics

In related news, CFO Anil Doradla sold 4,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $17.66, for a total transaction of $70,640.00. Following the sale, the chief financial officer now owns 376,282 shares in the company, valued at approximately $6,645,140.12. This trade represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 13,000 shares of company stock worth $247,220. 7.20% 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.