Jennison Associates LLC Sells 376,124 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Jennison Associates LLC trimmed its stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 17.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,836,867 shares of the company's stock after selling 376,124 shares during the period. Jennison Associates LLC owned about 2.19% of Grid Dynamics worth $28,747,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Grid Dynamics by 26.8% during the 4th quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company's stock worth $123,110,000 after purchasing an additional 1,171,481 shares during the last quarter. Loomis Sayles & Co. L P purchased a new stake in shares of Grid Dynamics during the 4th quarter valued at $55,114,000. Dimensional Fund Advisors LP grew its stake in shares of Grid Dynamics by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,816,447 shares of the company's stock valued at $40,399,000 after buying an additional 17,881 shares during the period. Next Century Growth Investors LLC grew its stake in shares of Grid Dynamics by 78.1% during the 4th quarter. Next Century Growth Investors LLC now owns 1,622,226 shares of the company's stock valued at $36,078,000 after buying an additional 711,150 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Grid Dynamics by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 1,433,773 shares of the company's stock valued at $31,895,000 after buying an additional 52,344 shares during the period. 71.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Grid Dynamics

In other Grid Dynamics news, COO Yury Gryzlov sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $13.22, for a total value of $26,440.00. Following the completion of the sale, the chief operating officer owned 474,269 shares in the company, valued at $6,269,836.18. This represents a 0.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 6,737 shares of company stock valued at $84,251. 7.20% of the stock is currently owned by corporate insiders.

Grid Dynamics Stock Performance

Shares of NASDAQ GDYN traded down $0.03 during trading on Wednesday, hitting $10.60. The company had a trading volume of 335,703 shares, compared to its average volume of 689,141. The company has a market cap of $896.21 million, a P/E ratio of 88.42 and a beta of 1.04. Grid Dynamics Holdings, Inc. has a 52 week low of $10.26 and a 52 week high of $25.50. The business's 50-day moving average is $12.26 and its 200 day moving average is $15.99.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. The business had revenue of $100.42 million during the quarter, compared to the consensus estimate of $98.19 million. Grid Dynamics had a net margin of 2.94% and a return on equity of 1.37%. The firm's quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 EPS. On average, research analysts expect that Grid Dynamics Holdings, Inc. will post 0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

GDYN has been the subject of several research reports. Wall Street Zen cut shares of Grid Dynamics from a "buy" rating to a "hold" rating in a research note on Sunday. Needham & Company LLC upped their target price on shares of Grid Dynamics from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $18.75.

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.