Crexendo (NASDAQ:CXDO) Stock Price Expected to Rise, Lake Street Capital Analyst Says

Crexendo (NASDAQ:CXDO) had its target price raised by equities researchers at Lake Street Capital from $8.00 to $8.50 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital’s target price suggests a potential upside of 28.21% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on CXDO. D. Boral Capital increased their target price on shares of Crexendo from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday. Wall Street Zen lowered shares of Crexendo from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 5th. Finally, Needham & Company LLC assumed coverage on Crexendo in a report on Tuesday, July 1st. They issued a “buy” rating and a $8.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.60.

Crexendo Stock Up 11.2%

Shares of CXDO opened at $6.63 on Wednesday. The stock has a market cap of $200.03 million, a price-to-earnings ratio of 66.31 and a beta of 0.98. Crexendo has a 12 month low of $3.75 and a 12 month high of $7.34. The company has a 50-day moving average price of $5.75 and a two-hundred day moving average price of $5.60.

Insider Buying and Selling at Crexendo

In other news, CTO David Tzat-Kin Wang sold 392,610 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $4.90, for a total transaction of $1,923,789.00. Following the sale, the chief technology officer directly owned 445,995 shares of the company’s stock, valued at $2,185,375.50. This represents a 46.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 406,210 shares of company stock valued at $2,012,473 over the last ninety days. Insiders own 56.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CXDO. Huntington National Bank acquired a new stake in shares of Crexendo in the 2nd quarter valued at $30,000. Bank of America Corp DE lifted its stake in shares of Crexendo by 71.7% during the fourth 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 during the period. Detalus Advisors LLC bought a new position in Crexendo in the first quarter valued at about $49,000. Algert Global LLC acquired a new stake in Crexendo in the first quarter worth about $61,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Crexendo in the fourth quarter worth about $69,000. Institutional investors and hedge funds own 9.53% of the company’s stock.

Crexendo Company Profile

Crexendo, Inc provides cloud communication platform and services, video collaboration, and managed IT services for businesses in the United States and internationally. It operates through two segments, Cloud Telecommunications Services and Software Solutions. The Cloud Telecommunications segment provides telecommunications services that transmit calls using Internet protocol (IP) or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud; and broadband Internet services, as well as develops end user portals for account and license management, and billing and customer support.