Jeffrey Korn Sells 27,000 Shares of Crexendo (NASDAQ:CXDO) 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 value of $268,380.00. Following the sale, the chief executive officer directly owned 209,026 shares in the company, valued at $2,077,718.44. The trade was a 11.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Crexendo Trading Down 0.7%

NASDAQ CXDO opened at $9.88 on Friday. The stock’s 50 day moving average is $7.60 and its two-hundred day moving average is $6.98. The company has a market capitalization of $320.31 million, a price-to-earnings ratio of 65.87 and a beta of 0.93. Crexendo Inc. has a 1-year low of $5.08 and a 1-year high of $10.20.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets raised its position 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 bought a new position in Crexendo in the 4th quarter worth approximately $31,000. Bank of America Corp DE raised its position 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. bought a new position in Crexendo in the 2nd quarter worth approximately $41,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Crexendo in the 2nd quarter worth approximately $48,000. Institutional investors own 9.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings raised Crexendo from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Lake Street Capital reiterated a “buy” rating and issued a $11.00 target price on shares of Crexendo in a research note on Wednesday, May 6th. Finally, Needham & Company LLC lifted their target price on shares of Crexendo from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company 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.