Grid Dynamics (NASDAQ:GDYN) Price Target Cut to $15.00 by Analysts at JPMorgan Chase & Co.

Grid Dynamics (NASDAQ:GDYN) had its price objective decreased by JPMorgan Chase & Co. from $17.00 to $15.00 in a research report sent to investors on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other equities analysts also recently issued research reports about the stock. 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 report on Monday, April 22nd. 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 report on Wednesday, March 13th. Four investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of Buy and an average target price of $15.75.

Grid Dynamics Price Performance

Shares of NASDAQ GDYN opened at $10.07 on Thursday. The company has a market capitalization of $765.06 million, a price-to-earnings ratio of 335.67 and a beta of 1.00. Grid Dynamics has a 1-year low of $8.00 and a 1-year high of $14.70. The business has a 50-day moving average of $11.74 and a 200-day moving average of $12.34.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.01). Grid Dynamics had a return on equity of 3.33% and a net margin of 0.72%. The firm had revenue of $78.07 million for the quarter, compared to analysts’ expectations of $76.64 million. During the same period last year, the firm earned $0.14 EPS. The business’s quarterly revenue was down 3.1% on a year-over-year basis. Research analysts expect that Grid Dynamics will post 0.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $10.00, for a total value of $30,000.00. Following the completion of the sale, the chief financial officer now owns 385,979 shares in the company, valued at approximately $3,859,790. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $13.88, for a total value of $208,200.00. Following the completion of the sale, the chief executive officer now directly owns 3,760,474 shares in the company, valued at $52,195,379.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $10.00, for a total value of $30,000.00. Following the sale, the chief financial officer now owns 385,979 shares of the company’s stock, valued at approximately $3,859,790. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,884 shares of company stock worth $1,099,255. 7.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Grid Dynamics

A number of hedge funds have recently bought and sold shares of the company. Wasatch Advisors LP lifted its holdings in shares of Grid Dynamics by 4.9% during the first quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock worth $93,585,000 after buying an additional 357,785 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Grid Dynamics by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 4,007,370 shares of the company’s stock worth $48,810,000 after purchasing an additional 45,750 shares during the period. Jennison Associates LLC raised its position in shares of Grid Dynamics by 1.2% during the first quarter. Jennison Associates LLC now owns 2,339,142 shares of the company’s stock valued at $28,748,000 after buying an additional 26,974 shares during the last quarter. Wellington Management Group LLP grew its position in Grid Dynamics by 26.7% during the fourth quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company’s stock worth $25,046,000 after buying an additional 396,320 shares in the last quarter. Finally, Summit Creek Advisors LLC increased its stake in Grid Dynamics by 0.4% during the third quarter. Summit Creek Advisors LLC now owns 984,074 shares of the company’s stock valued at $11,986,000 after acquiring an additional 3,564 shares during the period. 71.18% of the stock is currently owned by institutional investors.

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.