Principal Financial Group Inc. Has $270,000 Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Principal Financial Group Inc. trimmed its stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 53.0% in the third quarter, HoldingsChannel.com reports. The fund owned 19,305 shares of the company’s stock after selling 21,739 shares during the quarter. Principal Financial Group Inc.’s holdings in Grid Dynamics were worth $270,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of GDYN. Fourth Sail Capital LP lifted its position in Grid Dynamics by 138.0% during the second quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock worth $8,092,000 after purchasing an additional 446,477 shares during the period. Summit Creek Advisors LLC raised its position in shares of Grid Dynamics by 25.1% in the 2nd quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock valued at $12,065,000 after buying an additional 230,688 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Grid Dynamics by 14.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock worth $17,581,000 after acquiring an additional 206,201 shares during the period. Silvercrest Asset Management Group LLC boosted its position in shares of Grid Dynamics by 43.1% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock worth $7,429,000 after acquiring an additional 182,052 shares in the last quarter. Finally, Rice Hall James & Associates LLC bought a new position in Grid Dynamics in the third quarter valued at approximately $1,751,000. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Stock Performance

Shares of NASDAQ:GDYN opened at $18.90 on Tuesday. Grid Dynamics Holdings, Inc. has a 52 week low of $9.07 and a 52 week high of $19.86. The firm has a market cap of $1.56 billion, a PE ratio of 630.21 and a beta of 1.04. The firm’s fifty day moving average is $15.58 and its 200-day moving average is $13.03.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. The company had revenue of $87.40 million during the quarter, compared to the consensus estimate of $85.09 million. During the same period last year, the company earned $0.08 earnings per share. The firm’s revenue was up 12.9% compared to the same quarter last year.

Insider Transactions at Grid Dynamics

In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.80, for a total value of $11,691,353.60. Following the transaction, the insider now directly owns 13,889,183 shares of the company’s stock, valued at $177,781,542.40. The trade was a 6.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $14.56, for a total value of $218,400.00. Following the sale, the chief executive officer now directly owns 3,460,901 shares of the company’s stock, valued at $50,390,718.56. This represents a 0.43 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 950,387 shares of company stock worth $12,239,324. Company insiders own 7.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on GDYN shares. JPMorgan Chase & Co. upped their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. TD Cowen boosted their target price on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Citigroup raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Needham & Company LLC upped their price objective on shares of Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $17.50.

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.