TD Cowen Boosts Grid Dynamics (NASDAQ:GDYN) Price Target to $19.00

Grid Dynamics (NASDAQ:GDYN) had its target price hoisted by equities research analysts at TD Cowen from $16.00 to $19.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 24.67% from the stock’s previous close.

Several other brokerages also recently weighed in on GDYN. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research note on Monday, August 12th. Needham & Company LLC increased their price objective on Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday. JPMorgan Chase & Co. boosted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Citigroup increased their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $17.50.

Grid Dynamics Trading Down 4.3 %

NASDAQ GDYN opened at $15.24 on Friday. Grid Dynamics has a 1 year low of $9.07 and a 1 year high of $17.66. The company has a fifty day simple moving average of $14.45 and a 200 day simple moving average of $12.21. The company has a market cap of $1.17 billion, a P/E ratio of 508.00 and a beta of 1.04.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $83.04 million during the quarter, compared to analysts’ expectations of $81.06 million. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 earnings per share.

Insiders Place Their Bets

In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the completion of the transaction, the insider now directly owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $13.73, for a total value of $205,950.00. Following the completion of the transaction, the chief executive officer now owns 3,475,901 shares in the company, valued at approximately $47,724,120.73. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of Grid Dynamics stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $12.80, for a total value of $11,691,353.60. Following the completion of the transaction, the insider now owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 958,387 shares of company stock worth $12,311,004 over the last 90 days. Corporate insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

A number of hedge funds have recently added to or reduced their stakes in GDYN. Vanguard Group Inc. increased its stake in shares of Grid Dynamics by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock valued at $51,643,000 after buying an additional 64,300 shares during the period. Jennison Associates LLC grew its holdings in Grid Dynamics by 1.2% during the first quarter. Jennison Associates LLC now owns 2,339,142 shares of the company’s stock valued at $28,748,000 after purchasing an additional 26,974 shares during the period. Dimensional Fund Advisors LP increased its stake in Grid Dynamics by 14.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock valued at $17,581,000 after purchasing an additional 206,201 shares in the last quarter. Summit Creek Advisors LLC increased its position in shares of Grid Dynamics by 25.1% in the 2nd quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock valued at $12,065,000 after buying an additional 230,688 shares in the last quarter. Finally, Fourth Sail Capital LP raised its position in shares of Grid Dynamics by 138.0% during the second quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock worth $8,092,000 after purchasing an additional 446,477 shares during the period. Institutional investors own 71.18% of the company’s stock.

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.