Lake Street Capital Increases Crexendo (NASDAQ:CXDO) Price Target to $8.50

Key Points

• Analysts at Lake Street Capital have increased their price target for Crexendo (NASDAQ:CXDO) from $8.00 to $8.50, indicating a potential upside of 42.62% from its current price.
• The stock saw a 2.6% increase during trading on Wednesday, reaching $5.96, with a notable trading volume of 424,618 shares, significantly above its average of 192,472 shares.
• Insider transactions revealed that the CTO sold over 392,610 shares, and institutional investors such as Dimensional Fund Advisors have increased their holdings by 65.5% in the last quarter.

Crexendo (NASDAQ:CXDO - Get Free Report) had its target price upped by stock analysts at Lake Street Capital from $8.00 to $8.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Lake Street Capital's target price indicates a potential upside of 41.43% from the company's current price.

Several other equities research analysts also recently issued reports on CXDO. Needham & Company LLC started coverage on Crexendo in a report on Tuesday, July 1st. They issued a "buy" rating and a $8.00 price objective on the stock. D. Boral Capital boosted their price objective on Crexendo from $10.00 to $11.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Wall Street Zen downgraded Crexendo from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Six equities 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 a consensus price target of $8.60.

Crexendo Stock Down 9.4%

NASDAQ:CXDO traded down $0.62 on Wednesday, reaching $6.01. The company's stock had a trading volume of 594,069 shares, compared to its average volume of 196,942. The firm has a market cap of $181.32 million, a price-to-earnings ratio of 60.11 and a beta of 0.98. Crexendo has a 12-month low of $3.75 and a 12-month high of $7.34. The stock has a 50 day moving average price of $5.77 and a 200 day moving average price of $5.60.

Insider Buying and Selling

In related news, CTO David Tzat-Kin Wang sold 392,610 shares of the business's stock in a transaction 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 completion of the transaction, the chief technology officer directly owned 445,995 shares of the company's stock, valued at $2,185,375.50. The trade was a 46.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 406,210 shares of company stock worth $2,012,473. Insiders own 56.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CXDO. Renaissance Technologies LLC grew its stake in Crexendo by 16.4% during the 4th quarter. Renaissance Technologies LLC now owns 274,100 shares of the company's stock worth $1,434,000 after purchasing an additional 38,700 shares in the last quarter. Barclays PLC grew its stake in Crexendo by 8.9% during the 4th quarter. Barclays PLC now owns 25,688 shares of the company's stock worth $134,000 after purchasing an additional 2,105 shares in the last quarter. Walleye Capital LLC acquired a new position in Crexendo during the 4th quarter worth $69,000. NewEdge Advisors LLC grew its stake in Crexendo by 265.3% during the 4th quarter. NewEdge Advisors LLC now owns 57,858 shares of the company's stock worth $303,000 after purchasing an additional 42,020 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Crexendo by 65.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 217,648 shares of the company's stock worth $1,138,000 after purchasing an additional 86,162 shares in the last quarter. 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.