Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 95.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 382,213 shares of the company’s stock after purchasing an additional 186,661 shares during the period. Bank of New York Mellon Corp owned about 0.46% of Grid Dynamics worth $8,500,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in GDYN. Global Retirement Partners LLC purchased a new position in shares of Grid Dynamics in the fourth quarter worth approximately $27,000. New York State Common Retirement Fund increased its position in shares of Grid Dynamics by 565.5% in the fourth quarter. New York State Common Retirement Fund now owns 89,673 shares of the company’s stock worth $1,994,000 after acquiring an additional 76,198 shares in the last quarter. Rice Hall James & Associates LLC increased its position in shares of Grid Dynamics by 51.2% in the fourth quarter. Rice Hall James & Associates LLC now owns 189,086 shares of the company’s stock worth $4,205,000 after acquiring an additional 64,002 shares in the last quarter. Kornitzer Capital Management Inc. KS purchased a new position in shares of Grid Dynamics in the fourth quarter worth approximately $1,030,000. Finally, Principal Financial Group Inc. increased its position in shares of Grid Dynamics by 1,540.0% in the fourth quarter. Principal Financial Group Inc. now owns 316,601 shares of the company’s stock worth $7,041,000 after acquiring an additional 297,296 shares in the last quarter. Institutional investors and hedge funds own 71.18% of the company’s stock.

Grid Dynamics Stock Performance

Shares of GDYN opened at $16.82 on Friday. The company has a market capitalization of $1.41 billion, a PE ratio of 420.50 and a beta of 1.10. The company’s 50 day moving average price is $20.84 and its 200 day moving average price is $18.13. Grid Dynamics Holdings, Inc. has a 52 week low of $9.07 and a 52 week high of $25.50.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, February 20th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.06). The company had revenue of $100.28 million for the quarter, compared to analyst estimates of $96.00 million. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. On average, equities analysts forecast that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Grid Dynamics

In other news, CFO Anil Doradla sold 2,000 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $24.09, for a total value of $48,180.00. Following the sale, the chief financial officer now owns 341,012 shares of the company’s stock, valued at approximately $8,214,979.08. This represents a 0.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Yury Gryzlov sold 10,306 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $18.66, for a total transaction of $192,309.96. Following the completion of the sale, the chief operating officer now directly owns 482,759 shares in the company, valued at approximately $9,008,282.94. The trade was a 2.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,306 shares of company stock valued at $376,590 in the last 90 days. 7.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC lifted their target price on shares of Grid Dynamics from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Five investment 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 a consensus rating of “Buy” and an average target price of $19.60.

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.