Potomac Capital Management Inc. Takes $985,000 Position in Crexendo Inc. $CXDO

Potomac Capital Management Inc. bought a new stake in Crexendo Inc. (NASDAQ:CXDO) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 152,300 shares of the company’s stock, valued at approximately $985,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BNP Paribas Financial Markets raised its holdings in shares of Crexendo by 172.6% in the third quarter. BNP Paribas Financial Markets now owns 4,394 shares of the company’s stock valued at $29,000 after purchasing an additional 2,782 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Crexendo by 71.7% in the fourth quarter. Bank of America Corp DE now owns 6,174 shares of the company’s stock valued at $32,000 after purchasing an additional 2,578 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Crexendo in the second quarter valued at about $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Crexendo in the second quarter valued at about $48,000. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Crexendo in the third quarter valued at about $68,000. Hedge funds and other institutional investors own 9.53% of the company’s stock.

Crexendo Stock Performance

NASDAQ CXDO opened at $6.82 on Wednesday. Crexendo Inc. has a 52-week low of $5.13 and a 52-week high of $11.23. The company has a 50-day simple moving average of $7.93 and a 200 day simple moving average of $7.08. The company has a market capitalization of $221.10 million, a PE ratio of 45.47 and a beta of 1.08.

Crexendo (NASDAQ:CXDO) last posted its quarterly earnings data 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 net margin of 6.15% and a return on equity of 13.84%. The business had revenue of $20.71 million during the quarter, compared to the consensus estimate of $19.63 million. As a group, analysts forecast that Crexendo Inc. will post 0.36 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on CXDO shares. Needham & Company LLC increased their target price on shares of Crexendo from $9.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Weiss Ratings upgraded shares of Crexendo from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Finally, Lake Street Capital restated a “buy” rating and set a $11.00 price objective on shares of Crexendo in a report on Wednesday, May 6th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.40.

Insider Buying and Selling at Crexendo

In other Crexendo news, COO Douglas Walter Gaylor sold 5,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $10.35, for a total transaction of $51,750.00. Following the completion of the transaction, the chief operating officer owned 222,816 shares in the company, valued at $2,306,145.60. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Ron Vincent sold 90,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $10.03, for a total transaction of $902,700.00. Following the transaction, the chief financial officer owned 117,490 shares of the company’s stock, valued at $1,178,424.70. This represents a 43.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 642,184 shares of company stock valued at $6,168,573 in the last three months. 47.20% of the stock is owned by corporate insiders.

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.