Alyeska Investment Group L.P. Sells 884,314 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Alyeska Investment Group L.P. reduced its position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 45.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,063,294 shares of the company's stock after selling 884,314 shares during the period. Alyeska Investment Group L.P. owned about 1.29% of Grid Dynamics worth $23,648,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in GDYN. American Century Companies Inc. boosted its holdings in shares of Grid Dynamics by 824.9% during the fourth quarter. American Century Companies Inc. now owns 621,465 shares of the company's stock worth $13,821,000 after purchasing an additional 554,275 shares during the period. SG Americas Securities LLC purchased a new stake in Grid Dynamics in the 4th quarter worth approximately $242,000. Barclays PLC boosted its stake in shares of Grid Dynamics by 173.8% during the 3rd quarter. Barclays PLC now owns 111,182 shares of the company's stock valued at $1,556,000 after buying an additional 70,579 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Grid Dynamics by 15.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 212,864 shares of the company's stock valued at $4,734,000 after acquiring an additional 28,505 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Grid Dynamics by 1,540.0% in the fourth quarter. Principal Financial Group Inc. now owns 316,601 shares of the company's stock worth $7,041,000 after acquiring an additional 297,296 shares during the last quarter. Institutional investors and hedge funds own 71.18% of the company's stock.

Insider Activity

In other Grid Dynamics news, COO Yury Gryzlov sold 2,000 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $13.22, for a total transaction of $26,440.00. Following the completion of the transaction, the chief operating officer now owns 474,269 shares of the company's stock, valued at $6,269,836.18. The trade was a 0.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 19,043 shares of company stock valued at $327,338 over the last 90 days. 7.20% of the stock is currently owned by company insiders.

Grid Dynamics Stock Performance

Shares of Grid Dynamics stock traded down $0.21 during midday trading on Friday, reaching $13.95. 445,605 shares of the company's stock traded hands, compared to its average volume of 620,181. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 348.75 and a beta of 1.13. Grid Dynamics Holdings, Inc. has a 52 week low of $9.07 and a 52 week high of $25.50. The company's 50 day simple moving average is $14.98 and its 200 day simple moving average is $18.21.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.02. The company had revenue of $100.42 million during the quarter, compared to analysts' expectations of $98.19 million. Grid Dynamics had a negative return on equity of 0.33% and a net margin of 1.15%. The business's quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.10 earnings per share. As a group, equities research analysts predict that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC lifted their price objective on Grid Dynamics from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Grid Dynamics presently has an average rating of "Buy" and a consensus target price of $17.60.

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.