Grid Dynamics (NASDAQ:GDYN) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Grid Dynamics (NASDAQ:GDYN) in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a $16.00 target price on the stock.

A number of other equities research analysts also recently weighed in on the stock. Cantor Fitzgerald lifted their price target on shares of Grid Dynamics from $14.00 to $17.00 and gave the stock an overweight rating in a research note on Wednesday, March 13th. JPMorgan Chase & Co. decreased their target price on shares of Grid Dynamics from $17.00 to $15.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Citigroup lowered their target price on shares of Grid Dynamics from $17.00 to $15.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of Buy and an average target price of $15.75.

Grid Dynamics Stock Performance

Shares of NASDAQ:GDYN traded up $0.23 on Friday, hitting $10.07. 556,407 shares of the company were exchanged, compared to its average volume of 392,910. The company’s 50 day moving average price is $11.74 and its two-hundred day moving average price is $12.33. The firm has a market capitalization of $765.02 million, a price-to-earnings ratio of 335.78 and a beta of 1.00. Grid Dynamics has a one year low of $8.00 and a one year high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.01). Grid Dynamics had a net margin of 0.72% and a return on equity of 3.33%. The firm had revenue of $78.07 million for the quarter, compared to the consensus estimate of $76.64 million. During the same quarter in the prior year, the firm earned $0.14 earnings per share. The company’s revenue was down 3.1% on a year-over-year basis. Research analysts predict that Grid Dynamics will post 0.07 earnings per share for the current year.

Insider Activity

In related news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $13.08, for a total transaction of $196,200.00. Following the completion of the transaction, the chief executive officer now directly owns 3,513,456 shares of the company’s stock, valued at approximately $45,956,004.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Anil Doradla sold 4,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $13.26, for a total transaction of $53,040.00. Following the sale, the chief financial officer now directly owns 395,568 shares of the company’s stock, valued at $5,245,231.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $13.08, for a total transaction of $196,200.00. Following the completion of the sale, the chief executive officer now directly owns 3,513,456 shares of the company’s stock, valued at approximately $45,956,004.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 88,884 shares of company stock worth $1,099,255. Corporate insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Several hedge funds and other institutional investors have recently made changes to their positions in GDYN. International Assets Investment Management LLC acquired a new stake in Grid Dynamics in the fourth quarter worth about $26,000. SG Americas Securities LLC bought a new stake in shares of Grid Dynamics during the third quarter worth approximately $142,000. American Trust lifted its holdings in Grid Dynamics by 10.1% in the third quarter. American Trust now owns 12,963 shares of the company’s stock valued at $158,000 after buying an additional 1,186 shares during the period. Johnson Investment Counsel Inc. bought a new position in Grid Dynamics in the third quarter valued at approximately $166,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Grid Dynamics by 147.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,246 shares of the company’s stock worth $203,000 after acquiring an additional 9,081 shares during the period. 71.18% of the stock is owned by institutional investors and hedge funds.

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.