Principal Financial Group Inc. Acquires 4,134 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Principal Financial Group Inc. grew its holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 11.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,044 shares of the company’s stock after purchasing an additional 4,134 shares during the period. Principal Financial Group Inc. owned about 0.05% of Grid Dynamics worth $431,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jump Financial LLC purchased a new stake in shares of Grid Dynamics during the 4th quarter valued at about $315,000. 1492 Capital Management LLC raised its stake in Grid Dynamics by 1.1% during the 4th quarter. 1492 Capital Management LLC now owns 271,964 shares of the company’s stock valued at $3,625,000 after buying an additional 2,926 shares during the last quarter. Olympiad Research LP bought a new position in shares of Grid Dynamics during the 4th quarter valued at $211,000. CenterBook Partners LP purchased a new position in shares of Grid Dynamics in the 4th quarter worth $651,000. Finally, Wasatch Advisors LP grew its holdings in shares of Grid Dynamics by 2.8% in the fourth quarter. Wasatch Advisors LP now owns 7,256,928 shares of the company’s stock worth $96,735,000 after acquiring an additional 197,063 shares during the period. 71.18% of the stock is owned by institutional investors.

Grid Dynamics Stock Performance

Shares of GDYN stock opened at $13.90 on Friday. The stock has a fifty day simple moving average of $12.96 and a two-hundred day simple moving average of $11.61. Grid Dynamics Holdings, Inc. has a 52-week low of $9.07 and a 52-week high of $14.70. The firm has a market capitalization of $1.06 billion, a PE ratio of 463.33 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The firm had revenue of $83.04 million for the quarter, compared to analysts’ expectations of $81.06 million. During the same quarter last year, the business posted $0.09 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, sell-side analysts forecast that Grid Dynamics Holdings, Inc. will post 0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $10.43, for a total transaction of $31,290.00. Following the completion of the transaction, the chief financial officer now owns 372,282 shares in the company, valued at $3,882,901.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 372,282 shares in the company, valued at $3,882,901.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Leonard Livschitz sold 10,000 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $9.66, for a total transaction of $96,600.00. Following the transaction, the chief executive officer now owns 3,575,901 shares of the company’s stock, valued at approximately $34,543,203.66. The disclosure for this sale can be found here. Insiders have sold a total of 51,000 shares of company stock worth $582,200 in the last 90 days. 7.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. TD Cowen upgraded Grid Dynamics from a “hold” rating to a “buy” rating and boosted their price target for the company from $12.00 to $16.00 in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on shares of Grid Dynamics from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Wedbush reiterated an “outperform” rating and set a $13.00 price target on shares of Grid Dynamics in a research note on Thursday, May 23rd. Citigroup decreased their target price on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, July 12th. Finally, Needham & Company LLC boosted their price target on Grid Dynamics from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, August 5th. Five investment 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.com, Grid Dynamics has a consensus rating of “Buy” and an average price target 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.