Crexendo (NASDAQ:CXDO) CEO Sells $268,380.00 in Stock

Crexendo Inc. (NASDAQ:CXDO) CEO Jeffrey Korn sold 27,000 shares of Crexendo stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $9.94, for a total transaction of $268,380.00. Following the sale, the chief executive officer owned 209,026 shares of the company’s stock, valued at approximately $2,077,718.44. The trade was a 11.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Crexendo Trading Down 0.7%

NASDAQ CXDO traded down $0.07 on Friday, hitting $9.88. 583,366 shares of the company’s stock traded hands, compared to its average volume of 251,690. Crexendo Inc. has a 1-year low of $5.08 and a 1-year high of $10.20. The firm’s 50-day moving average price is $7.53 and its two-hundred day moving average price is $6.96. The firm has a market capitalization of $320.31 million, a PE ratio of 65.87 and a beta of 0.93.

Crexendo (NASDAQ:CXDO) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.10 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $19.63 million. On average, research analysts anticipate that Crexendo Inc. will post 0.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Crexendo

A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its position 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 period. NewEdge Advisors LLC increased its stake in shares of Crexendo by 28.1% during the first quarter. NewEdge Advisors LLC now owns 74,125 shares of the company’s stock worth $361,000 after purchasing an additional 16,267 shares in the last quarter. Goldman Sachs Group Inc. purchased a new stake in shares of Crexendo during the first quarter worth about $431,000. Geode Capital Management LLC increased 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 purchasing an additional 173,530 shares in the last quarter. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Crexendo during the second quarter worth about $41,000. 9.53% of the stock is currently owned by institutional investors and hedge funds.

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.