Needham & Company LLC Initiates Coverage on Crexendo (NASDAQ:CXDO)

Needham & Company LLC assumed coverage on shares of Crexendo (NASDAQ:CXDO - Get Free Report) in a research report issued on Tuesday, Marketbeat Ratings reports. The firm set a "buy" rating and a $8.00 price target on the stock. Needham & Company LLC's price objective indicates a potential upside of 26.88% from the stock's current price.

A number of other brokerages have also commented on CXDO. D. Boral Capital reiterated a "buy" rating and issued a $10.00 price target on shares of Crexendo in a research note on Wednesday, May 7th. B. Riley reaffirmed a "buy" rating and issued a $7.50 target price (up previously from $6.75) on shares of Crexendo in a research report on Wednesday, March 5th. Finally, Craig Hallum began coverage on Crexendo in a research note on Monday, April 7th. They issued a "buy" rating and a $8.00 price target for the company.

Crexendo Trading Down 2.4%

Shares of NASDAQ:CXDO traded down $0.16 on Tuesday, hitting $6.31. The company had a trading volume of 109,690 shares, compared to its average volume of 174,920. The stock has a market cap of $183.03 million, a price-to-earnings ratio of 78.82 and a beta of 1.15. The stock has a 50 day moving average price of $5.57 and a 200 day moving average price of $5.52. Crexendo has a 1-year low of $3.01 and a 1-year high of $7.34.

Insider Transactions at Crexendo

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 transaction, the chief technology officer directly owned 445,995 shares of the company's stock, valued at approximately $2,185,375.50. This trade represents a 46.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 56.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crexendo

Several institutional investors have recently made changes to their positions in CXDO. Bank of America Corp DE increased its stake in Crexendo by 71.7% during 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 during the period. Creative Financial Designs Inc. ADV acquired a new stake in shares of Crexendo during the 4th quarter worth $44,000. Detalus Advisors LLC bought a new position in shares of Crexendo in the first quarter worth $49,000. Algert Global LLC acquired a new position in Crexendo in the first quarter valued at about $61,000. Finally, Walleye Capital LLC bought a new stake in Crexendo during the fourth quarter worth about $69,000. 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.