Harbor Capital Advisors Inc. Raises Stock Holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Harbor Capital Advisors Inc. raised its holdings in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 10.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,903 shares of the company’s stock after purchasing an additional 1,036 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Grid Dynamics were worth $242,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lord Abbett & CO. LLC acquired a new stake in shares of Grid Dynamics during the third quarter worth approximately $8,589,000. Fourth Sail Capital LP raised its holdings in Grid Dynamics by 138.0% in the second quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock valued at $8,092,000 after acquiring an additional 446,477 shares in the last quarter. Vontobel Holding Ltd. bought a new position in Grid Dynamics during the 3rd quarter valued at $1,143,000. Wellington Management Group LLP grew its holdings in Grid Dynamics by 30.9% during the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock worth $40,037,000 after acquiring an additional 675,419 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Grid Dynamics by 173.8% in the 3rd quarter. Barclays PLC now owns 111,182 shares of the company’s stock worth $1,556,000 after purchasing an additional 70,579 shares during the last quarter. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

Grid Dynamics Price Performance

NASDAQ:GDYN opened at $20.45 on Wednesday. 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 simple moving average of $19.52 and a 200 day simple moving average of $15.65. The firm has a market capitalization of $1.69 billion, a P/E ratio of 681.89 and a beta of 1.06.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on GDYN. Citigroup increased their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. TD Cowen increased their target price 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 price target on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC raised their price objective on Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $18.33.

Insider Activity at Grid Dynamics

In other Grid Dynamics news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $17.66, for a total value of $70,640.00. Following the transaction, the chief financial officer now owns 376,282 shares in the company, valued at approximately $6,645,140.12. The trade was a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 13,000 shares of company stock worth $247,220 over the last quarter. 7.20% of the stock is currently 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.