Needham & Company LLC Forecasts Strong Price Appreciation for Crexendo (NASDAQ:CXDO) Stock

Crexendo (NASDAQ:CXDO) had its price objective hoisted by investment analysts at Needham & Company LLC from $9.00 to $12.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 44.40% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the company. Lake Street Capital boosted their price target on Crexendo from $8.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Crexendo in a research note on Wednesday, April 8th. Finally, Wall Street Zen downgraded Crexendo from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Crexendo currently has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Crexendo Stock Performance

Shares of NASDAQ:CXDO opened at $8.31 on Wednesday. Crexendo has a fifty-two week low of $5.07 and a fifty-two week high of $8.90. The business has a 50-day simple moving average of $6.44 and a two-hundred day simple moving average of $6.58. The firm has a market cap of $258.86 million, a price-to-earnings ratio of 48.89 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 for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $20.71 million during the quarter, compared to analyst estimates of $19.63 million. Crexendo had a return on equity of 13.74% and a net margin of 7.44%. As a group, research analysts predict that Crexendo will post 0.27 earnings per share for the current year.

Insider Activity

In related news, CTO David Tzat-Kin Wang sold 20,482 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $7.00, for a total transaction of $143,374.00. Following the completion of the transaction, the chief technology officer directly owned 629,949 shares in the company, valued at approximately $4,409,643. The trade was a 3.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 47.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CXDO. BNP Paribas Financial Markets lifted its holdings in Crexendo by 172.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,394 shares of the company’s stock worth $29,000 after purchasing an additional 2,782 shares in the last quarter. Strive Financial Group LLC purchased a new position in Crexendo in the 4th quarter worth approximately $31,000. Bank of America Corp DE lifted its holdings in Crexendo by 71.7% in the 4th quarter. Bank of America Corp DE now owns 6,174 shares of the company’s stock worth $32,000 after purchasing an additional 2,578 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in Crexendo in the 2nd quarter worth approximately $41,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Crexendo in the 2nd quarter worth approximately $48,000. 9.53% of the stock is owned by hedge funds and other institutional investors.

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.