Crexendo (NASDAQ:CXDO) Cut to "Buy" at Wall Street Zen

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

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

Crexendo Price Performance

Shares of Crexendo stock traded down $0.16 during trading on Friday, reaching $6.31. 109,690 shares of the stock traded hands, compared to its average volume of 175,384. The company has a market capitalization of $183.03 million, a price-to-earnings ratio of 78.82 and a beta of 1.15. The business has a fifty day simple moving average of $5.57 and a two-hundred day simple moving average of $5.52. Crexendo has a 52-week low of $3.01 and a 52-week high of $7.34.

Insiders Place Their Bets

In other news, CTO David Tzat-Kin Wang sold 392,610 shares of the firm'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 sale, the chief technology officer owned 445,995 shares in the company, valued at $2,185,375.50. This trade represents a 46.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 56.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crexendo

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its stake in 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 acquiring an additional 2,578 shares in the last quarter. Creative Financial Designs Inc. ADV purchased a new position in Crexendo during the fourth quarter worth about $44,000. Detalus Advisors LLC acquired a new stake in Crexendo in the first quarter valued at about $49,000. Algert Global LLC acquired a new stake in Crexendo in the first quarter valued at about $61,000. Finally, Walleye Capital LLC acquired a new stake in Crexendo in the fourth quarter valued at about $69,000. Institutional investors and hedge funds 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.