Crexendo (NASDAQ:CXDO) CEO Jeffrey Korn Sells 8,500 Shares

Crexendo Inc. (NASDAQ:CXDO) CEO Jeffrey Korn sold 8,500 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $9.94, for a total value of $84,490.00. Following the completion of the transaction, the chief executive officer owned 209,026 shares in the company, valued at approximately $2,077,718.44. This represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Crexendo Trading Down 0.7%

Shares of CXDO traded down $0.07 during trading hours on Friday, reaching $9.88. The stock had a trading volume of 583,366 shares, compared to its average volume of 251,690. Crexendo Inc. has a 12 month low of $5.08 and a 12 month high of $10.20. The firm has a 50-day simple moving average of $7.53 and a 200 day simple moving average of $6.96. The company has a market capitalization of $320.31 million, a price-to-earnings ratio of 65.87 and a beta of 0.93.

Crexendo (NASDAQ:CXDO) last issued its earnings results on Tuesday, May 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Crexendo had a return on equity of 13.84% and a net margin of 6.15%.The company had revenue of $20.71 million for the quarter, compared to analysts’ expectations of $19.63 million. On average, equities analysts forecast that Crexendo Inc. will post 0.36 EPS for the current year.

Hedge Funds Weigh In On Crexendo

Several large investors have recently bought and sold shares of CXDO. Bank of America Corp DE lifted its stake in Crexendo by 71.7% during the 4th quarter. Bank of America Corp DE now owns 6,174 shares of the company’s stock valued at $32,000 after acquiring an additional 2,578 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Crexendo by 28.1% during the 1st quarter. NewEdge Advisors LLC now owns 74,125 shares of the company’s stock valued at $361,000 after acquiring an additional 16,267 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in Crexendo during the 1st quarter valued at $431,000. Geode Capital Management LLC lifted its stake in Crexendo by 120.1% during the 2nd quarter. Geode Capital Management LLC now owns 318,001 shares of the company’s stock valued at $1,930,000 after acquiring an additional 173,530 shares in the last quarter. Finally, JPMorgan Chase & Co. bought a new position in Crexendo during the 2nd quarter valued at $41,000. 9.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CXDO. Needham & Company LLC increased their target price on Crexendo from $9.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Lake Street Capital reiterated a “buy” rating and issued a $11.00 target price on shares of Crexendo in a report on Wednesday, May 6th. Finally, Weiss Ratings upgraded Crexendo from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.40.

About Crexendo

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.