Jennison Associates LLC Lowers Stock Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Jennison Associates LLC reduced its stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 7.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,312,168 shares of the company's stock after selling 182,625 shares during the period. Jennison Associates LLC owned about 3.06% of Grid Dynamics worth $30,821,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. International Assets Investment Management LLC acquired a new stake in Grid Dynamics during the 4th quarter worth approximately $26,000. SG Americas Securities LLC acquired a new stake in Grid Dynamics during the 3rd quarter worth approximately $142,000. American Trust boosted its position in Grid Dynamics by 10.1% during the 3rd quarter. American Trust now owns 12,963 shares of the company's stock worth $158,000 after buying an additional 1,186 shares during the period. Johnson Investment Counsel Inc. acquired a new stake in Grid Dynamics during the 3rd quarter worth approximately $166,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position 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 buying an additional 9,081 shares during the period. 71.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on GDYN. Cantor Fitzgerald lifted their target price on shares of Grid Dynamics from $14.00 to $17.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 13th. JPMorgan Chase & Co. lifted their target price on shares of Grid Dynamics from $16.00 to $17.00 and gave the stock an "overweight" rating in a research report on Friday, February 23rd. Finally, Citigroup dropped their price target on shares of Grid Dynamics from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Monday. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $15.75.

Grid Dynamics Stock Performance

Shares of NASDAQ GDYN traded down $0.30 during midday trading on Thursday, reaching $9.94. The stock had a trading volume of 256,926 shares, compared to its average volume of 301,746. The firm has a market cap of $755.14 million, a price-to-earnings ratio of -331.22 and a beta of 0.94. Grid Dynamics Holdings, Inc. has a twelve month low of $8.00 and a twelve month high of $14.70. The company's 50 day moving average price is $12.22 and its 200 day moving average price is $12.45.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.01). The firm had revenue of $78.07 million during the quarter, compared to analyst estimates of $76.64 million. Grid Dynamics had a positive return on equity of 6.77% and a negative net margin of 0.56%. The firm's revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 EPS. Equities analysts forecast that Grid Dynamics Holdings, Inc. will post 0.07 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $13.08, for a total value of $196,200.00. Following the completion of the sale, the chief executive officer now owns 3,513,456 shares in the company, valued at approximately $45,956,004.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $13.08, for a total value of $196,200.00. Following the completion of the sale, the chief executive officer now owns 3,513,456 shares in the company, valued at approximately $45,956,004.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction 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 completion of the sale, the chief financial officer now owns 395,568 shares of the company's stock, valued at approximately $5,245,231.68. The disclosure for this sale can be found here. Insiders sold 100,884 shares of company stock worth $1,265,155 in the last quarter. 7.40% of the stock is owned by corporate insiders.

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.