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

Jennison Associates LLC lowered its position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 7.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,312,168 shares of the company’s stock after selling 182,625 shares during the period. Jennison Associates LLC owned approximately 3.06% of Grid Dynamics worth $30,821,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of GDYN. SG Americas Securities LLC purchased a new position in shares of Grid Dynamics in the 3rd quarter worth approximately $142,000. Summit Creek Advisors LLC boosted its stake in Grid Dynamics by 0.4% in the 3rd quarter. Summit Creek Advisors LLC now owns 984,074 shares of the company’s stock worth $11,986,000 after purchasing an additional 3,564 shares in the last quarter. Barclays PLC boosted its stake in Grid Dynamics by 8.5% in the 3rd quarter. Barclays PLC now owns 26,063 shares of the company’s stock worth $318,000 after purchasing an additional 2,036 shares in the last quarter. Swiss National Bank boosted its stake in Grid Dynamics by 1.1% in the 3rd quarter. Swiss National Bank now owns 123,500 shares of the company’s stock worth $1,504,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Grid Dynamics by 7.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 428,407 shares of the company’s stock worth $5,218,000 after purchasing an additional 29,892 shares in the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Grid Dynamics Trading Down 1.7 %

GDYN opened at $10.24 on Thursday. The firm has a fifty day moving average price of $12.30 and a 200 day moving average price of $12.46. Grid Dynamics Holdings, Inc. has a 1 year low of $8.00 and a 1 year high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.01). The company had revenue of $78.07 million during the quarter, compared to analysts’ expectations of $76.64 million. Grid Dynamics had a positive return on equity of 6.77% and a negative net margin of 0.56%. Grid Dynamics’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 EPS. On average, research analysts forecast that Grid Dynamics Holdings, Inc. will post 0.07 EPS for the current year.

Insider Buying and Selling

In related news, CFO Anil Doradla sold 4,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $13.26, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Leonard Livschitz sold 10,000 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $10.54, for a total transaction of $105,400.00. Following the completion of the sale, the chief executive officer now owns 3,660,691 shares of the company’s stock, valued at $38,583,683.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Anil Doradla sold 4,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $13.26, for a total transaction of $53,040.00. Following the transaction, the chief financial officer now directly owns 395,568 shares in the company, valued at approximately $5,245,231.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,884 shares of company stock valued at $1,265,155. 7.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Grid Dynamics from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Citigroup decreased their price objective on shares of Grid Dynamics from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Monday. Finally, Cantor Fitzgerald lifted their price objective on shares of Grid Dynamics from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, March 13th. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $15.75.

Grid Dynamics 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.