Russell Investments Group Ltd. boosted its stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 236.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,527 shares of the company’s stock after purchasing an additional 24,268 shares during the period. Russell Investments Group Ltd.’s holdings in Grid Dynamics were worth $518,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in Grid Dynamics by 54.1% in the first quarter. Royal Bank of Canada now owns 2,298 shares of the company’s stock valued at $37,000 after purchasing an additional 807 shares during the period. The PNC Financial Services Group Inc. acquired a new stake in Grid Dynamics in the first quarter valued at $39,000. Envestnet Asset Management Inc. increased its holdings in Grid Dynamics by 21.5% in the first quarter. Envestnet Asset Management Inc. now owns 14,766 shares of the company’s stock valued at $235,000 after purchasing an additional 2,608 shares during the period. New York State Common Retirement Fund increased its holdings in Grid Dynamics by 15.8% in the first quarter. New York State Common Retirement Fund now owns 22,000 shares of the company’s stock valued at $350,000 after purchasing an additional 3,000 shares during the period. Finally, Algert Global LLC increased its holdings in Grid Dynamics by 11.5% in the first quarter. Algert Global LLC now owns 25,529 shares of the company’s stock valued at $407,000 after purchasing an additional 2,630 shares during the period. Institutional investors and hedge funds own 44.25% of the company’s stock.
In other Grid Dynamics news, Director Yueou Wang sold 80,000 shares of the business’s stock in a transaction dated Tuesday, August 31st. The shares were sold at an average price of $25.76, for a total value of $2,060,800.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Shuo Zhang sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 8th. The shares were sold at an average price of $31.63, for a total transaction of $316,300.00. Following the completion of the transaction, the director now owns 18,193 shares in the company, valued at approximately $575,444.59. The disclosure for this sale can be found here. Insiders sold 5,037,514 shares of company stock valued at $78,800,283 over the last three months. 15.60% of the stock is currently owned by insiders.
Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, August 5th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.04. The business had revenue of $47.68 million during the quarter, compared to analyst estimates of $41.88 million. Grid Dynamics had a negative net margin of 6.55% and a positive return on equity of 9.48%. Equities research analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.
GDYN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on Grid Dynamics in a report on Friday, July 30th. They set an “overweight” rating and a $25.00 price target for the company. Northland Securities increased their price target on Grid Dynamics from $19.00 to $29.00 and gave the stock an “outperform” rating in a report on Monday, August 9th. Canaccord Genuity increased their price target on Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, August 6th. They noted that the move was a valuation call. Zacks Investment Research downgraded Grid Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, August 12th. Finally, Needham & Company LLC increased their price objective on shares of Grid Dynamics from $23.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 6th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $24.50.
About Grid Dynamics
Grid Dynamics Holdings, Inc provides digital engineering and information technology services. Its core business is to deliver focused and complex technical consulting, software design, development, testing and internet service operations. The company also helps organizations become more agile and create innovative digital products and experiences through its deep expertise in emerging technology, such as AI, data science, cloud computing, big data and DevOps, lean software development practices and a performance product culture.
Further Reading: Growth and Income Funds
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