MidFirst Bank Makes New Investment in Crexendo Inc. $CXDO

MidFirst Bank bought a new position in shares of Crexendo Inc. (NASDAQ:CXDO) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 197,346 shares of the company’s stock, valued at approximately $1,474,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. BlackRock Inc. bought a new position in Crexendo during the 2nd quarter worth approximately $7,957,000. Deutsche Bank AG acquired a new position in Crexendo during the second quarter valued at approximately $138,000. Simplicity Wealth LLC bought a new stake in Crexendo in the second quarter valued at approximately $214,000. Bank of New York Mellon Corp bought a new stake in Crexendo in the second quarter valued at approximately $525,000. Finally, GSA Capital Partners LLP acquired a new stake in Crexendo in the second quarter worth $431,000. 9.53% of the stock is owned by institutional investors.

Insider Activity at Crexendo

In other Crexendo news, COO Douglas Walter Gaylor sold 55,000 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $10.00, for a total transaction of $550,000.00. Following the completion of the transaction, the chief operating officer owned 227,816 shares in the company, valued at approximately $2,278,160. This represents a 19.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ron Vincent sold 90,000 shares of Crexendo stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $10.03, for a total value of $902,700.00. Following the completion of the sale, the chief financial officer directly owned 117,490 shares in the company, 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 sold a total of 430,000 shares of company stock valued at $4,171,315 in the last quarter. 47.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CXDO has been the topic of a number of recent analyst reports. B. Riley Financial reduced their price target on shares of Crexendo from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Lake Street Capital restated a “buy” rating and issued a $11.00 price objective on shares of Crexendo in a research report on Wednesday, May 6th. Needham & Company LLC raised their price objective on Crexendo from $9.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Crexendo in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $10.50.

Crexendo Stock Performance

Shares of CXDO opened at $6.55 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.98 and a current ratio of 2.06. Crexendo Inc. has a twelve month low of $5.55 and a twelve month high of $11.23. The firm’s 50 day moving average price is $7.22 and its two-hundred day moving average price is $7.22. The firm has a market cap of $217.79 million, a P/E ratio of 46.79 and a beta of 1.12.

Crexendo (NASDAQ:CXDO) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. Crexendo had a net margin of 5.31% and a return on equity of 14.34%. The company had revenue of $24.65 million during the quarter, compared to the consensus estimate of $24.65 million. On average, analysts forecast that Crexendo Inc. will post 0.34 EPS for the current fiscal year.

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.