Crexendo (NASDAQ:CXDO) Coverage Initiated at Needham & Company LLC

Analysts at Needham & Company LLC began coverage on shares of Crexendo (NASDAQ:CXDO - Get Free Report) in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $8.00 price target on the stock. Needham & Company LLC's price target would indicate a potential upside of 25.79% from the stock's current price.

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

Crexendo Stock Performance

Shares of NASDAQ:CXDO traded up $0.29 during midday trading on Tuesday, hitting $6.36. The company's stock had a trading volume of 381,735 shares, compared to its average volume of 173,470. The company has a market cap of $184.63 million, a P/E ratio of 79.51 and a beta of 1.12. Crexendo has a 12-month low of $3.01 and a 12-month high of $7.34. The business's 50 day simple moving average is $5.43 and its 200 day simple moving average is $5.49.

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 completion of the transaction, the chief technology officer owned 445,995 shares of the company's stock, valued at $2,185,375.50. This trade represents a 46.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 56.20% of the company's stock.

Hedge Funds Weigh In On Crexendo

Several large investors have recently made changes to their positions in CXDO. Goldman Sachs Group Inc. purchased a new stake in Crexendo in the first quarter valued at approximately $431,000. Acadian Asset Management LLC increased its stake in Crexendo by 384.1% during the first quarter. Acadian Asset Management LLC now owns 337,787 shares of the company's stock worth $1,643,000 after purchasing an additional 268,004 shares during the period. NewEdge Advisors LLC lifted its position 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 grew its holdings 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 valued at $242,000 after purchasing an additional 24,442 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in shares of Crexendo in the first quarter valued at approximately $90,000. 9.53% of the stock is currently 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.