Acadian Asset Management LLC Grows Stake in Crexendo Inc. $CXDO

Key Points

• Acadian Asset Management LLC increased its stake in Crexendo Inc. by 384.1%, purchasing 268,004 shares and owning 1.16% of the company, valued at approximately $1,643,000.
• Several analysts have recently given Crexendo a "buy" rating, with a consensus average price target of $8.60, reflecting optimism about the company's future performance.
• Insider selling activity included COO Douglas Walter Gaylor selling 10,000 shares at a price of $6.76, indicating a 4.02% decrease in their ownership of the stock.

Acadian Asset Management LLC lifted its holdings in Crexendo Inc. (NASDAQ:CXDO - Free Report) by 384.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 337,787 shares of the company's stock after purchasing an additional 268,004 shares during the quarter. Acadian Asset Management LLC owned 1.16% of Crexendo worth $1,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CXDO. Bank of America Corp DE increased its stake in 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 buying an additional 2,578 shares in the last quarter. Detalus Advisors LLC purchased a new stake in shares of Crexendo during the 1st quarter worth $49,000. Algert Global LLC purchased a new position in shares of Crexendo in the first quarter worth $61,000. Mink Brook Asset Management LLC purchased a new position in shares of Crexendo during the first quarter worth $75,000. Finally, Trexquant Investment LP purchased a new position in Crexendo in the first quarter valued at $90,000. Hedge funds and other institutional investors own 9.53% of the company's stock.

Insider Activity

In other Crexendo news, COO Douglas Walter Gaylor sold 10,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $6.76, for a total transaction of $67,600.00. Following the completion of the transaction, the chief operating officer owned 238,531 shares of the company's stock, valued at $1,612,469.56. This represents a 4.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ron Vincent sold 8,200 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $6.52, for a total value of $53,464.00. Following the sale, the chief financial officer owned 172,747 shares in the company, valued at approximately $1,126,310.44. This trade represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,000 shares of company stock valued at $230,580 in the last three months. Insiders own 56.20% of the company's stock.

Crexendo Price Performance

CXDO stock traded up $0.15 during trading on Friday, reaching $6.97. The company had a trading volume of 404,254 shares, compared to its average volume of 110,204. The company has a market cap of $210.28 million, a P/E ratio of 69.71 and a beta of 0.98. The business has a 50 day moving average of $6.12 and a 200 day moving average of $5.66. Crexendo Inc. has a 52 week low of $3.75 and a 52 week high of $7.34.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CXDO shares. Lake Street Capital upped their price objective on shares of Crexendo from $8.00 to $8.50 and gave the company a "buy" rating in a report on Wednesday, August 6th. Wall Street Zen downgraded Crexendo from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Needham & Company LLC began coverage on shares of Crexendo in a research note on Tuesday, July 1st. They issued a "buy" rating and a $8.00 target price for the company. Finally, D. Boral Capital lifted their target price on Crexendo from $10.00 to $11.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Crexendo presently has a consensus rating of "Buy" and a consensus target price of $8.60.

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.