613,528 Shares in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Acquired by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC acquired a new stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 613,528 shares of the company’s stock, valued at approximately $8,589,000. Lord Abbett & CO. LLC owned approximately 0.74% of Grid Dynamics as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. FMR LLC lifted its stake in shares of Grid Dynamics by 38.7% in the third quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after buying an additional 801 shares in the last quarter. Quarry LP raised its holdings in Grid Dynamics by 131.5% in the 3rd quarter. Quarry LP now owns 5,236 shares of the company’s stock valued at $73,000 after acquiring an additional 2,974 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Grid Dynamics in the 2nd quarter worth approximately $117,000. Quantbot Technologies LP acquired a new position in shares of Grid Dynamics during the 3rd quarter worth approximately $122,000. Finally, XTX Topco Ltd purchased a new stake in shares of Grid Dynamics in the second quarter valued at approximately $129,000. Institutional investors and hedge funds own 71.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GDYN. TD Cowen boosted their price objective on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Needham & Company LLC boosted their price target on shares of Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. JPMorgan Chase & Co. raised their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Citigroup boosted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $18.33.

Insider Activity

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the sale, the chief executive officer now directly owns 3,460,901 shares in the company, valued at $50,390,718.56. This represents a 0.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $17.66, for a total transaction of $52,980.00. Following the completion of the transaction, the chief financial officer now owns 380,282 shares of the company’s stock, valued at approximately $6,715,780.12. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,000 shares of company stock valued at $605,210. 7.20% of the stock is currently owned by corporate insiders.

Grid Dynamics Price Performance

NASDAQ GDYN opened at $19.56 on Tuesday. The stock has a market capitalization of $1.61 billion, a P/E ratio of 652.00 and a beta of 1.06. The firm’s 50-day moving average is $17.13 and its two-hundred day moving average is $13.97. Grid Dynamics Holdings, Inc. has a 12 month low of $9.07 and a 12 month high of $20.34.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The firm had revenue of $87.40 million for the quarter, compared to analyst estimates of $85.09 million. During the same period in the prior year, the business posted $0.08 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.03 EPS for the current year.

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.