New York State Teachers Retirement System Invests $295,000 in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

New York State Teachers Retirement System purchased a new position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 13,247 shares of the company’s stock, valued at approximately $295,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lord Abbett & CO. LLC bought a new stake in Grid Dynamics in the third quarter valued at approximately $8,589,000. SG Americas Securities LLC bought a new stake in Grid Dynamics in the fourth quarter valued at approximately $242,000. Barclays PLC boosted its holdings in Grid Dynamics by 173.8% in the third quarter. Barclays PLC now owns 111,182 shares of the company’s stock valued at $1,556,000 after acquiring an additional 70,579 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Grid Dynamics by 30.9% in the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after acquiring an additional 675,419 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Grid Dynamics by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after acquiring an additional 17,763 shares during the last quarter. 71.18% of the stock is currently owned by institutional investors.

Insider Transactions at Grid Dynamics

In related news, CFO Anil Doradla sold 2,000 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $24.09, for a total transaction of $48,180.00. Following the sale, the chief financial officer now owns 341,012 shares of the company’s stock, valued at approximately $8,214,979.08. This represents a 0.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 8,000 shares of company stock worth $171,780. 7.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. TD Cowen boosted their price target on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Needham & Company LLC boosted their price target on Grid Dynamics from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Friday. Finally, Citigroup boosted their price target on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note 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. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $19.17.

Grid Dynamics Price Performance

Shares of NASDAQ:GDYN opened at $19.90 on Tuesday. The company has a market capitalization of $1.64 billion, a PE ratio of 497.50 and a beta of 1.01. The business has a fifty day moving average price of $21.65 and a two-hundred day moving average price of $17.72. 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 quarterly earnings results on Thursday, February 20th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.06). The firm had revenue of $100.28 million for the quarter, compared to the consensus estimate of $96.00 million. Grid Dynamics had a negative return on equity of 0.33% and a net margin of 1.15%. Sell-side analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current year.

Grid Dynamics Company 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.