Wall Street Zen Downgrades Crexendo (NASDAQ:CXDO) to Buy

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

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

Crexendo Trading Down 2.4%

CXDO stock traded down $0.16 during trading on Friday, reaching $6.31. 109,690 shares of the stock were exchanged, compared to its average volume of 174,920. Crexendo has a twelve month low of $3.01 and a twelve month high of $7.34. The company has a market capitalization of $183.03 million, a P/E ratio of 78.82 and a beta of 1.15. The stock has a 50 day simple moving average of $5.57 and a 200-day simple moving average of $5.52.

Insiders Place Their Bets

In other Crexendo news, CTO David Tzat-Kin Wang sold 392,610 shares of Crexendo stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $4.90, for a total transaction of $1,923,789.00. Following the sale, the chief technology officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 56.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE boosted its holdings in shares of 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 acquiring an additional 2,578 shares in the last quarter. Creative Financial Designs Inc. ADV acquired a new position in shares of Crexendo in the 4th quarter worth approximately $44,000. Detalus Advisors LLC acquired a new position in shares of Crexendo in the 1st quarter worth approximately $49,000. Algert Global LLC acquired a new position in shares of Crexendo in the 1st quarter worth approximately $61,000. Finally, Walleye Capital LLC acquired a new position in shares of Crexendo in the 4th quarter worth approximately $69,000. 9.53% of the stock is owned by institutional investors and hedge funds.

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.