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

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

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

Crexendo Price Performance

Shares of CXDO opened at $8.31 on Wednesday. The stock has a market capitalization of $258.86 million, a price-to-earnings ratio of 48.89 and a beta of 0.93. Crexendo has a 1 year low of $5.07 and a 1 year high of $8.90. The business’s 50 day simple moving average is $6.44 and its 200-day simple moving average is $6.58.

Crexendo (NASDAQ:CXDO) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. The business had revenue of $20.71 million for the quarter, compared to analysts’ expectations of $19.63 million. Crexendo had a return on equity of 13.74% and a net margin of 7.44%. On average, sell-side analysts expect that Crexendo will post 0.27 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO David Tzat-Kin Wang sold 20,482 shares of the stock in a transaction 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 sale, the chief technology officer owned 629,949 shares in the company, valued at approximately $4,409,643. This represents a 3.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 47.20% of the company’s stock.

Institutional Trading of Crexendo

Several hedge funds and other institutional investors have recently bought and sold shares of CXDO. MidFirst Bank purchased a new stake in Crexendo during the 4th quarter valued at $1,277,000. Geode Capital Management LLC raised its holdings in Crexendo by 120.1% during the 2nd quarter. Geode Capital Management LLC now owns 318,001 shares of the company’s stock valued at $1,930,000 after buying an additional 173,530 shares during the period. Potomac Capital Management Inc. purchased a new stake in Crexendo during the 4th quarter valued at $985,000. Pembroke Management LTD raised its holdings in Crexendo by 209.3% during the 3rd quarter. Pembroke Management LTD now owns 195,371 shares of the company’s stock valued at $1,270,000 after buying an additional 132,201 shares during the period. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Crexendo during the 3rd quarter valued at $805,000. Hedge funds and other institutional investors own 9.53% of the company’s stock.

Crexendo Company Profile

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.