Crexendo Inc. (NASDAQ:CXDO) Receives $8.60 Average Price Target from Analysts

Key Points

• Crexendo Inc. (NASDAQ:CXDO) has received a consensus "Buy" recommendation from five brokerages, with an average twelve-month target price of $8.60.
• Insider activity indicates a notable sale by CTO David Tzat-Kin Wang, who sold 392,610 shares at an average price of $4.90, reducing his ownership by 46.82%.
• The stock has shown recent trading momentum, increasing by 2.6% to reach $5.96, with a market cap of approximately $173.02 million.

Crexendo Inc. (NASDAQ:CXDO - Get Free Report) has been given a consensus rating of "Buy" by the five ratings firms that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $8.60.

A number of research analysts recently issued reports on the stock. D. Boral Capital lifted their price target on shares of Crexendo from $10.00 to $11.00 and gave the company a "buy" rating in a research report on Wednesday. Lake Street Capital upped their target price on shares of Crexendo from $8.00 to $8.50 and gave the stock a "buy" rating in a report on Wednesday. Wall Street Zen downgraded shares of Crexendo from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Needham & Company LLC started coverage on shares of Crexendo in a research note on Tuesday, July 1st. They issued a "buy" rating and a $8.00 target price on the stock.

Crexendo Price Performance

Crexendo stock traded down $0.62 during trading hours on Wednesday, reaching $6.01. The stock had a trading volume of 594,069 shares, compared to its average volume of 196,942. The stock has a market cap of $181.32 million, a PE ratio of 60.11 and a beta of 0.98. Crexendo has a 52 week low of $3.75 and a 52 week high of $7.34. The company has a fifty day simple moving average of $5.77 and a 200-day simple moving average of $5.60.

Insider Transactions at Crexendo

In other Crexendo news, CTO David Tzat-Kin Wang sold 392,610 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $4.90, for a total transaction of $1,923,789.00. Following the transaction, the chief technology officer directly owned 445,995 shares in the company, valued at $2,185,375.50. This represents a 46.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 406,210 shares of company stock worth $2,012,473. 56.20% of the stock is owned by corporate insiders.

Institutional Trading of Crexendo

A number of institutional investors have recently modified their holdings of CXDO. Acadian Asset Management LLC boosted its holdings in shares of Crexendo by 384.1% in the 1st quarter. Acadian Asset Management LLC now owns 337,787 shares of the company's stock valued at $1,643,000 after buying an additional 268,004 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Crexendo by 120.1% in the 2nd quarter. Geode Capital Management LLC now owns 318,001 shares of the company's stock valued at $1,930,000 after purchasing an additional 173,530 shares during the last quarter. Perkins Capital Management Inc. raised its position in shares of Crexendo by 241.2% in the 1st quarter. Perkins Capital Management Inc. now owns 170,600 shares of the company's stock valued at $831,000 after purchasing an additional 120,600 shares during the last quarter. Informed Momentum Co LLC purchased a new position in shares of Crexendo in the 1st quarter valued at approximately $551,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of Crexendo in the 1st quarter valued at approximately $431,000. 9.53% of the stock is currently owned by institutional investors.

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.