Renaissance Technologies LLC Cuts Stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Renaissance Technologies LLC lessened its stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 221,600 shares of the company’s stock after selling 2,200 shares during the quarter. Renaissance Technologies LLC owned 0.27% of Grid Dynamics worth $4,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GDYN. Loomis Sayles & Co. L P purchased a new stake in shares of Grid Dynamics during the fourth quarter valued at approximately $55,114,000. Vanguard Group Inc. boosted its stake in Grid Dynamics by 26.8% during the 4th quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company’s stock valued at $123,110,000 after purchasing an additional 1,171,481 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of Grid Dynamics in the 4th quarter worth $22,192,000. Lord Abbett & CO. LLC purchased a new position in shares of Grid Dynamics in the third quarter worth $8,589,000. Finally, American Century Companies Inc. raised its stake in shares of Grid Dynamics by 824.9% in the fourth quarter. American Century Companies Inc. now owns 621,465 shares of the company’s stock worth $13,821,000 after purchasing an additional 554,275 shares during the last quarter. Institutional investors own 71.18% of the company’s stock.

Grid Dynamics Trading Up 0.7 %

Shares of GDYN opened at $13.06 on Monday. The firm has a fifty day simple moving average of $17.10 and a two-hundred day simple moving average of $18.37. The firm has a market cap of $1.09 billion, a PE ratio of 326.50 and a beta of 0.99. Grid Dynamics Holdings, Inc. has a 1-year low of $9.07 and a 1-year high of $25.50.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, February 20th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The firm had revenue of $100.28 million during the quarter, compared to the consensus estimate of $96.00 million. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. As a group, research analysts forecast that Grid Dynamics Holdings, Inc. will post 0.18 EPS for the current fiscal year.

Insider Transactions at Grid Dynamics

In related news, CFO Anil Doradla sold 2,000 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $24.09, for a total value of $48,180.00. Following the transaction, the chief financial officer now directly owns 341,012 shares of the company’s stock, valued at approximately $8,214,979.08. This trade represents a 0.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Yury Gryzlov sold 10,306 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $18.66, for a total value of $192,309.96. Following the sale, the chief operating officer now directly owns 482,759 shares of the company’s stock, valued at $9,008,282.94. This represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,043 shares of company stock worth $349,078 in the last 90 days. 7.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Needham & Company LLC increased their price objective on Grid Dynamics from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $19.60.

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.