Crexendo (NASDAQ:CXDO) Price Target Raised to $9.00

Crexendo (NASDAQ:CXDO) had its price target hoisted by Lake Street Capital from $8.50 to $9.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the stock. B. Riley Financial reaffirmed a “buy” rating and set a $8.00 price objective (up from $7.50) on shares of Crexendo in a research note on Wednesday, November 5th. Needham & Company LLC reissued a “buy” rating on shares of Crexendo in a report on Monday. Northland Securities set a $10.00 price target on shares of Crexendo in a research report on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Crexendo in a report on Friday, January 9th. Finally, Wall Street Zen lowered shares of Crexendo from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.17.

Crexendo Stock Performance

NASDAQ CXDO opened at $6.88 on Tuesday. The firm has a market capitalization of $211.43 million, a P/E ratio of 40.47 and a beta of 0.98. The stock has a 50-day simple moving average of $6.59 and a two-hundred day simple moving average of $6.55. Crexendo has a fifty-two week low of $3.75 and a fifty-two week high of $7.80.

Crexendo (NASDAQ:CXDO) last posted its earnings results on Tuesday, March 3rd. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $18.06 million for the quarter, compared to analyst estimates of $18.14 million. Crexendo had a return on equity of 13.74% and a net margin of 7.44%. As a group, analysts forecast that Crexendo will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Crexendo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pembroke Management LTD purchased a new position in Crexendo in the 2nd quarter valued at about $383,000. Acadian Asset Management LLC increased its position in shares of Crexendo by 39.2% during the second quarter. Acadian Asset Management LLC now owns 470,081 shares of the company’s stock worth $2,850,000 after purchasing an additional 132,294 shares in the last quarter. Prospera Financial Services Inc acquired a new position in Crexendo in the 2nd quarter valued at $118,000. ARS Investment Partners LLC raised its stake in Crexendo by 18.3% in the 2nd quarter. ARS Investment Partners LLC now owns 54,990 shares of the company’s stock valued at $334,000 after purchasing an additional 8,491 shares during the last quarter. Finally, CreativeOne Wealth LLC purchased a new position in Crexendo in the 2nd quarter valued at $85,000. 9.53% of the stock is owned by hedge funds and other institutional investors.

Crexendo Company Profile

Crexendo, Inc (NASDAQ: CXDO) is a provider of cloud-based communications and collaboration solutions tailored to businesses of varying sizes. The company’s flagship offering, CXsuite, integrates enterprise-grade voice, video conferencing, instant messaging, presence, and contact center functionality into a single platform delivered over the internet. By leveraging hosted infrastructure and a subscription-based model, Crexendo aims to reduce on-premises hardware costs and simplify management for IT teams and resellers.

Crexendo’s product portfolio includes a multi-tenant cloud PBX, SIP trunking, session border controllers and an application programming interface (API) suite that allows partners and customers to embed real-time communications into custom workflows.