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

Crexendo Inc. (NASDAQ:CXDO) CEO Jeffrey Korn sold 39,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was 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 approximately $2,079,808.70. This trade represents a 15.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Crexendo Stock Performance

Shares of Crexendo stock traded up $0.03 on Wednesday, reaching $9.78. 452,261 shares of the stock were exchanged, compared to its average volume of 540,442. The firm’s 50 day moving average is $7.47 and its 200-day moving average is $6.94. Crexendo Inc. has a one year low of $5.08 and a one year high of $10.04. The firm has a market cap of $317.07 million, a PE ratio of 65.20 and a beta of 0.93.

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

Institutional Investors Weigh In On Crexendo

Several large investors have recently modified their holdings of the company. Bank of America Corp DE increased its position in shares of Crexendo by 47.6% during the first quarter. Bank of America Corp DE now owns 78,021 shares of the company’s stock worth $481,000 after buying an additional 25,161 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Crexendo during the first quarter worth $155,000. Renaissance Technologies LLC increased its position in shares of Crexendo by 52.3% during the first quarter. Renaissance Technologies LLC now owns 346,737 shares of the company’s stock worth $2,139,000 after buying an additional 119,037 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Crexendo by 26.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 406,442 shares of the company’s stock worth $2,508,000 after buying an additional 85,943 shares during the period. Finally, Sei Investments Co. increased its position in shares of Crexendo by 31.9% during the first quarter. Sei Investments Co. now owns 241,766 shares of the company’s stock worth $1,492,000 after buying an additional 58,518 shares during the period. 9.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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