Jeffrey Korn Sells 39,500 Shares of Crexendo (NASDAQ:CXDO) Stock

Crexendo Inc. (NASDAQ:CXDO) CEO Jeffrey Korn sold 39,500 shares of Crexendo stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $9.95, for a total transaction of $393,025.00. Following the sale, the chief executive officer directly owned 209,026 shares of the company’s stock, valued at $2,079,808.70. This trade represents a 15.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Crexendo Stock Up 1.7%

Shares of NASDAQ:CXDO opened at $9.95 on Friday. The firm has a fifty day moving average of $7.53 and a two-hundred day moving average of $6.96. The firm has a market capitalization of $322.58 million, a P/E ratio of 66.33 and a beta of 0.93. Crexendo Inc. has a 12-month low of $5.08 and a 12-month high of $10.04.

Crexendo (NASDAQ:CXDO) last issued its earnings results on Tuesday, May 5th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $20.71 million during the quarter, compared to analyst estimates of $19.63 million. Crexendo had a net margin of 6.15% and a return on equity of 13.84%. Equities research analysts expect that Crexendo Inc. will post 0.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Crexendo

Several institutional investors and hedge funds have recently modified their holdings of 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 during the last quarter. Strive Financial Group LLC acquired a new stake 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 during the last quarter. JPMorgan Chase & Co. acquired a new stake in Crexendo in the 2nd quarter worth approximately $41,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Crexendo in the 2nd quarter worth approximately $48,000. Institutional investors and hedge funds own 9.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CXDO shares. Needham & Company LLC lifted their price target on 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 research note on Wednesday, May 6th. Finally, Lake Street Capital reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Crexendo in a research note on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.40.

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.