Crexendo (NASDAQ:CXDO) Downgraded by Wall Street Zen to "Buy"

Crexendo (NASDAQ:CXDO - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Saturday.

Other analysts have also issued research reports about the stock. Craig Hallum began coverage on shares of Crexendo in a research report on Monday, April 7th. They issued a "buy" rating and a $8.00 price target on the stock. D. Boral Capital reissued a "buy" rating and set a $10.00 target price on shares of Crexendo in a report on Wednesday, May 7th. Finally, Needham & Company LLC started coverage on Crexendo in a report on Tuesday, July 1st. They issued a "buy" rating and a $8.00 price target for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Crexendo presently has an average rating of "Buy" and an average price target of $8.38.

Crexendo Stock Performance

NASDAQ CXDO traded down $0.25 on Friday, hitting $6.14. 161,408 shares of the stock traded hands, compared to its average volume of 175,953. The business's fifty day moving average is $5.62 and its two-hundred day moving average is $5.53. Crexendo has a 12 month low of $3.05 and a 12 month high of $7.34. The firm has a market capitalization of $178.24 million, a price-to-earnings ratio of 76.76 and a beta of 1.15.

Insider Activity

In related news, CTO David Tzat-Kin Wang sold 392,610 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chief technology officer owned 445,995 shares of the company's stock, valued at approximately $2,185,375.50. The trade was a 46.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 406,210 shares of company stock valued at $2,012,473 over the last quarter. Corporate insiders own 56.20% of the company's stock.

Institutional Trading of Crexendo

Several institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. purchased a new position in shares of Crexendo during the 1st quarter valued at $431,000. Acadian Asset Management LLC boosted its position in shares of Crexendo by 384.1% during the 1st quarter. Acadian Asset Management LLC now owns 337,787 shares of the company's stock valued at $1,643,000 after acquiring an additional 268,004 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Crexendo by 28.1% during the first quarter. NewEdge Advisors LLC now owns 74,125 shares of the company's stock worth $361,000 after purchasing an additional 16,267 shares in the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Crexendo by 96.9% in the first quarter. Cubist Systematic Strategies LLC now owns 49,675 shares of the company's stock worth $242,000 after purchasing an additional 24,442 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Crexendo in the first quarter worth approximately $90,000. 9.53% of the stock is currently owned by hedge funds and other institutional investors.

About Crexendo

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.