T. Rowe Price Investment Management Inc. Buys Shares of 698,810 Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

T. Rowe Price Investment Management Inc. acquired a new stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 698,810 shares of the company's stock, valued at approximately $15,542,000. T. Rowe Price Investment Management Inc. owned 0.85% of Grid Dynamics as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of GDYN. American Century Companies Inc. boosted its position in shares of Grid Dynamics by 824.9% during the 4th quarter. American Century Companies Inc. now owns 621,465 shares of the company's stock valued at $13,821,000 after purchasing an additional 554,275 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in Grid Dynamics in the third quarter worth approximately $8,589,000. SG Americas Securities LLC acquired a new position in Grid Dynamics in the fourth quarter worth approximately $242,000. Barclays PLC increased its holdings in shares of Grid Dynamics by 173.8% in the third 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 in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position 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 during the last quarter. Institutional investors and hedge funds own 71.18% of the company's stock.

Grid Dynamics Stock Performance

Shares of NASDAQ:GDYN traded down $0.44 during mid-day trading on Friday, hitting $13.64. The stock had a trading volume of 1,278,893 shares, compared to its average volume of 615,753. The company's 50 day moving average is $15.53 and its 200-day moving average is $18.25. Grid Dynamics Holdings, Inc. has a 12-month low of $9.07 and a 12-month high of $25.50. The company has a market cap of $1.14 billion, a PE ratio of 341.00 and a beta of 0.99.

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

Insider Activity

In other news, COO Yury Gryzlov sold 2,000 shares of the business's stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $13.97, for a total transaction of $27,940.00. Following the transaction, the chief operating officer now directly owns 476,269 shares in the company, valued at $6,653,477.93. The trade was a 0.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 19,043 shares of company stock worth $349,078 in the last 90 days. Company insiders own 7.20% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC lifted their target price on Grid Dynamics from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Grid Dynamics presently has an average rating of "Buy" and an average price target of $17.60.

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.