Grid Dynamics (NASDAQ:GDYN) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Grid Dynamics (NASDAQ:GDYN) had its target price lifted by equities research analysts at Needham & Company LLC from $25.00 to $30.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 40.38% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. 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 research note on Wednesday, October 30th. 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 research note on Monday, October 28th. Finally, 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 research note on Friday, November 1st. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Grid Dynamics presently has a consensus rating of “Buy” and a consensus price target of $19.17.

Grid Dynamics Stock Up 4.3 %

Shares of GDYN stock opened at $21.37 on Friday. The company’s fifty day simple moving average is $21.64 and its two-hundred day simple moving average is $17.65. Grid Dynamics has a 52 week low of $9.07 and a 52 week high of $25.50. The stock has a market cap of $1.76 billion, a P/E ratio of 534.25 and a beta of 1.01.

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

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $19.08, for a total transaction of $57,240.00. Following the transaction, the chief financial officer now directly owns 373,282 shares of the company’s stock, valued at $7,122,220.56. The trade was a 0.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 8,000 shares of company stock valued at $171,780 over the last ninety days. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

A number of institutional investors have recently bought and sold shares of the company. Coppell Advisory Solutions LLC acquired a new stake in shares of Grid Dynamics during the fourth quarter valued at about $25,000. Global Retirement Partners LLC acquired a new stake in shares of Grid Dynamics during the fourth quarter valued at about $27,000. MCF Advisors LLC increased its position in shares of Grid Dynamics by 65.8% during the fourth quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock valued at $41,000 after acquiring an additional 740 shares during the last quarter. FMR LLC increased its position in shares of Grid Dynamics by 38.7% during the third quarter. FMR LLC now owns 2,873 shares of the company’s stock valued at $40,000 after acquiring an additional 801 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in shares of Grid Dynamics during the fourth quarter valued at about $70,000. 71.18% of the stock is owned by hedge funds and other institutional investors.

Grid Dynamics Company 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.