Brokerages Set Crexendo Inc. (NASDAQ:CXDO) PT at $8.60

Shares of Crexendo Inc. (NASDAQ:CXDO) have been assigned a consensus recommendation of “Buy” from the five research firms that are currently covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have covered the stock in the last year is $8.60.

Several analysts recently weighed in on CXDO shares. Wall Street Zen downgraded Crexendo from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 5th. Needham & Company LLC started coverage on Crexendo in a report on Tuesday, July 1st. They issued a “buy” rating and a $8.00 price objective for the company. Lake Street Capital lifted their price objective on Crexendo from $8.00 to $8.50 and gave the company a “buy” rating in a report on Wednesday. Finally, D. Boral Capital lifted their price objective on Crexendo from $10.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday.

Insider Buying and Selling

In other Crexendo news, CTO David Tzat-Kin Wang sold 392,610 shares of the business’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $4.90, for a total value of $1,923,789.00. Following the completion of the transaction, the chief technology officer directly owned 445,995 shares in the company, valued at approximately $2,185,375.50. The trade was a 46.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 406,210 shares of company stock valued at $2,012,473 in the last ninety days. Insiders own 56.20% of the company’s stock.

Hedge Funds Weigh In On Crexendo

Large investors have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Crexendo during the second quarter worth about $29,000. Geode Capital Management LLC grew its stake in shares of Crexendo by 120.1% during the second quarter. Geode Capital Management LLC now owns 318,001 shares of the company’s stock worth $1,930,000 after acquiring an additional 173,530 shares during the last quarter. Pembroke Management LTD purchased a new stake in shares of Crexendo during the second quarter worth about $383,000. Acadian Asset Management LLC grew its stake 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 acquiring an additional 132,294 shares during the last quarter. Finally, Prospera Financial Services Inc purchased a new stake in shares of Crexendo during the second quarter worth about $118,000. 9.53% of the stock is currently owned by institutional investors.

Crexendo Trading Down 9.4%

NASDAQ:CXDO opened at $6.01 on Wednesday. Crexendo has a twelve month low of $3.75 and a twelve month high of $7.34. The company has a market cap of $181.32 million, a price-to-earnings ratio of 60.11 and a beta of 0.98. The stock has a fifty day simple moving average of $5.77 and a 200-day simple moving average of $5.61.

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.