Acadian Asset Management LLC Purchases 268,004 Shares of Crexendo Inc. $CXDO

Acadian Asset Management LLC grew its stake in shares of Crexendo Inc. (NASDAQ:CXDO) by 384.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 337,787 shares of the company’s stock after buying an additional 268,004 shares during the quarter. Acadian Asset Management LLC owned 1.16% of Crexendo worth $1,643,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of America Corp DE grew 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 buying an additional 2,578 shares during the last quarter. Detalus Advisors LLC bought a new position in shares of Crexendo during the first quarter valued at about $49,000. Algert Global LLC bought a new position in shares of Crexendo during the first quarter valued at about $61,000. Mink Brook Asset Management LLC bought a new position in shares of Crexendo during the first quarter valued at about $75,000. Finally, Trexquant Investment LP purchased a new stake in shares of Crexendo during the first quarter worth about $90,000. 9.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CXDO shares. Needham & Company LLC started coverage on shares of Crexendo in a report on Tuesday, July 1st. They set a “buy” rating and a $8.00 target price for the company. 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 report on Wednesday, August 6th. Lake Street Capital increased their target price on shares of Crexendo from $8.00 to $8.50 and gave the stock a “buy” rating in a report on Wednesday, August 6th. Finally, Wall Street Zen lowered shares of Crexendo from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 5th. Five research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $8.60.

Crexendo Stock Performance

CXDO stock opened at $6.76 on Wednesday. The firm has a 50 day moving average price of $6.07 and a 200-day moving average price of $5.64. Crexendo Inc. has a 52-week low of $3.75 and a 52-week high of $7.34. The firm has a market capitalization of $203.95 million, a price-to-earnings ratio of 67.61 and a beta of 0.98.

Insider Activity at Crexendo

In other news, COO Douglas Walter Gaylor sold 10,000 shares of Crexendo stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $6.76, for a total transaction of $67,600.00. Following the completion of the transaction, the chief operating officer directly owned 238,531 shares in the company, valued at approximately $1,612,469.56. This trade represents a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ron Vincent sold 8,200 shares of Crexendo stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $6.52, for a total transaction of $53,464.00. Following the transaction, the chief financial officer owned 172,747 shares of the company’s stock, valued at $1,126,310.44. The trade was a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,000 shares of company stock valued at $230,580 over the last quarter. Company insiders own 56.20% 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.