Jennison Associates LLC cut its position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN – Free Report) by 9.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,212,991 shares of the company’s stock after selling 224,913 shares during the quarter. Jennison Associates LLC’s holdings in Grid Dynamics were worth $49,217,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Lord Abbett & CO. LLC acquired a new position in shares of Grid Dynamics in the third quarter valued at approximately $8,589,000. Vontobel Holding Ltd. bought a new stake in Grid Dynamics during the 3rd quarter worth approximately $1,143,000. Barclays PLC increased its position in Grid Dynamics by 173.8% in the 3rd 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 period. Wellington Management Group LLP raised its stake in shares of Grid Dynamics by 30.9% during 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 lifted its holdings in shares of Grid Dynamics by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock worth $19,344,000 after purchasing an additional 17,763 shares during the period. 71.18% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Grid Dynamics
In other news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $19.08, for a total value of $57,240.00. Following the completion of the sale, the chief financial officer now directly owns 373,282 shares in the company, valued at $7,122,220.56. This trade represents a 0.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 10,000 shares of company stock valued at $194,240 in the last quarter. 7.20% of the stock is currently owned by company insiders.
Grid Dynamics Price Performance
Analyst Ratings Changes
Several research analysts recently issued reports on the company. Citigroup raised their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. lifted their price objective on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Needham & Company LLC increased their target price on shares of Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, TD Cowen boosted their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $18.33.
View Our Latest Analysis on Grid Dynamics
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.
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