Victory Capital Management Inc. Reduces Holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Victory Capital Management Inc. reduced its stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 29.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,165 shares of the company’s stock after selling 12,662 shares during the quarter. Victory Capital Management Inc.’s holdings in Grid Dynamics were worth $317,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Wasatch Advisors LP increased its stake in Grid Dynamics by 4.9% during the 1st quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock valued at $93,585,000 after purchasing an additional 357,785 shares in the last quarter. Vanguard Group Inc. raised its stake in Grid Dynamics by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock worth $51,643,000 after acquiring an additional 64,300 shares during the last quarter. Jennison Associates LLC grew its stake in Grid Dynamics by 1.2% during the 1st quarter. Jennison Associates LLC now owns 2,339,142 shares of the company’s stock valued at $28,748,000 after purchasing an additional 26,974 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Grid Dynamics by 26.7% in the fourth quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company’s stock valued at $25,046,000 after purchasing an additional 396,320 shares during the period. Finally, Summit Creek Advisors LLC raised its stake in shares of Grid Dynamics by 0.7% in the first quarter. Summit Creek Advisors LLC now owns 917,304 shares of the company’s stock worth $11,274,000 after purchasing an additional 6,047 shares during the last quarter. 71.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction on Monday, July 1st. The shares were sold at an average price of $10.43, for a total transaction of $31,290.00. Following the sale, the chief financial officer now owns 372,282 shares of the company’s stock, valued at approximately $3,882,901.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Leonard Livschitz sold 10,000 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $10.38, for a total transaction of $103,800.00. Following the completion of the sale, the chief executive officer now owns 3,565,901 shares of the company’s stock, valued at approximately $37,014,052.38. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $10.43, for a total value of $31,290.00. Following the transaction, the chief financial officer now owns 372,282 shares in the company, valued at $3,882,901.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 954,387 shares of company stock worth $12,176,954. 7.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently commented on GDYN. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Needham & Company LLC upped their price objective on shares of Grid Dynamics from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, August 5th. TD Cowen raised shares of Grid Dynamics from a “hold” rating to a “buy” rating and raised their target price for the stock from $12.00 to $16.00 in a report on Friday, August 2nd. Citigroup cut their price target on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. boosted their price objective on Grid Dynamics from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Grid Dynamics presently has a consensus rating of “Buy” and a consensus target price of $15.67.

Grid Dynamics Price Performance

Shares of GDYN stock opened at $13.60 on Tuesday. Grid Dynamics Holdings, Inc. has a 1-year low of $9.07 and a 1-year high of $14.70. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 453.33 and a beta of 1.06. The stock has a 50 day simple moving average of $13.30 and a 200-day simple moving average of $11.63.

Grid Dynamics (NASDAQ:GDYN) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01. The company had revenue of $83.04 million for the quarter, compared to analysts’ expectations of $81.06 million. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. Grid Dynamics’s revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.09 EPS. Analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.02 earnings per share for the current fiscal year.

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.