Crexendo Inc. (NASDAQ:CXDO) Given Average Recommendation of "Buy" by Brokerages

Key Points

• Crexendo Inc. has received a consensus recommendation of "Buy" from five research firms, with an average 1-year target price set at $8.60.
• Shares of Crexendo opened at $6.69 and have experienced a 2.2% decline recently, with a 52-week low at $3.75 and a high at $7.34.
• Institutional investors have recently increased their holdings, with notable purchases from Police & Firemen's Retirement System of New Jersey and Bank of America, bringing hedge fund ownership to 9.53%.

Crexendo Inc. (NASDAQ:CXDO - Get Free Report) has been given a consensus recommendation of "Buy" by the five research firms that are currently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $8.60.

A number of equities analysts have issued reports on CXDO shares. Needham & Company LLC assumed coverage on shares of Crexendo in a research report on Tuesday, July 1st. They set a "buy" rating and a $8.00 price target for the company. Wall Street Zen cut shares of Crexendo from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Lake Street Capital boosted their price objective on Crexendo from $8.00 to $8.50 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, D. Boral Capital boosted their price objective on Crexendo from $10.00 to $11.00 and gave the company a "buy" rating in a report on Wednesday, August 6th.

Crexendo Stock Down 2.2%

Shares of NASDAQ:CXDO opened at $6.69 on Thursday. Crexendo has a 52-week low of $3.75 and a 52-week high of $7.34. The stock has a market cap of $201.84 million, a price-to-earnings ratio of 66.91 and a beta of 0.98. The business has a 50-day moving average price of $6.19 and a 200-day moving average price of $5.67.

Insider Activity at Crexendo

In other Crexendo news, COO Douglas Walter Gaylor sold 10,000 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $6.76, for a total value of $67,600.00. Following the completion of the transaction, the chief operating officer owned 238,531 shares in the company, valued at approximately $1,612,469.56. This represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Ron Vincent sold 8,200 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $6.52, for a total value of $53,464.00. Following the sale, the chief financial officer owned 172,747 shares in the company, valued at $1,126,310.44. This trade represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,000 shares of company stock valued at $230,580. Insiders own 56.20% of the company's stock.

Hedge Funds Weigh In On Crexendo

Institutional investors and hedge funds have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Crexendo in the 2nd quarter valued at about $29,000. Huntington National Bank purchased a new stake in shares of Crexendo in the second quarter valued at approximately $30,000. Bank of America Corp DE increased 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 buying an additional 2,578 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in Crexendo in the 2nd quarter worth $41,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Crexendo in the 2nd quarter worth $48,000. Hedge funds and other institutional investors own 9.53% of the company's stock.

Crexendo Company Profile

Crexendo, Inc provides cloud communication platform and services, video collaboration, and managed IT services for businesses in the United States and internationally. It operates through two segments, Cloud Telecommunications Services and Software Solutions. The Cloud Telecommunications segment provides telecommunications services that transmit calls using Internet protocol (IP) or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud; and broadband Internet services, as well as develops end user portals for account and license management, and billing and customer support.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.