Bard Associates Inc. Raises Holdings in Crexendo Inc. (NASDAQ:CXDO)

Key Points

• Bard Associates Inc. increased its stake in Crexendo Inc. by 13.3%, owning a total of 666,093 shares, which represent about 1.2% of its portfolio.
• Research analysts have a favorable outlook on Crexendo, with six rating it as a buy and a consensus price target of $8.60.
• Insider trading activity includes the sale of 392,610 shares by CTO David Tzat-Kin Wang, reducing his position by 46.82%.

Bard Associates Inc. boosted its holdings in Crexendo Inc. (NASDAQ:CXDO - Free Report) by 13.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 666,093 shares of the company's stock after buying an additional 77,968 shares during the quarter. Crexendo accounts for approximately 1.2% of Bard Associates Inc.'s holdings, making the stock its 25th biggest position. Bard Associates Inc. owned approximately 2.29% of Crexendo worth $3,244,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CXDO. Bank of America Corp DE grew its stake in shares of Crexendo by 71.7% during the 4th quarter. Bank of America Corp DE now owns 6,174 shares of the company's stock valued at $32,000 after acquiring an additional 2,578 shares during the period. Detalus Advisors LLC bought a new position in Crexendo in the 1st quarter worth approximately $49,000. Walleye Capital LLC bought a new position in Crexendo in the 4th quarter worth approximately $69,000. Schonfeld Strategic Advisors LLC bought a new position in Crexendo in the 4th quarter worth approximately $69,000. Finally, Northern Trust Corp boosted its stake in Crexendo by 44.8% in the 4th quarter. Northern Trust Corp now owns 19,680 shares of the company's stock worth $103,000 after purchasing an additional 6,085 shares during the period. Hedge funds and other institutional investors own 9.53% of the company's stock.

Insider Activity at Crexendo

In other news, CTO David Tzat-Kin Wang sold 392,610 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $4.90, for a total value of $1,923,789.00. Following the completion of the sale, the chief technology officer directly owned 445,995 shares in the company, valued at $2,185,375.50. The trade was a 46.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ron Vincent sold 8,200 shares of the business'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 completion of the sale, the chief financial officer owned 172,747 shares of the company's stock, valued at $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. Over the last quarter, insiders have sold 417,610 shares of company stock valued at $2,086,769. 56.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Crexendo Price Performance

NASDAQ CXDO traded down $0.08 during trading on Tuesday, hitting $5.75. The company's stock had a trading volume of 95,466 shares, compared to its average volume of 197,275. The company has a market cap of $173.48 million, a PE ratio of 57.46 and a beta of 0.98. The business's 50 day simple moving average is $5.78 and its 200-day simple moving average is $5.61. Crexendo Inc. has a fifty-two week low of $3.75 and a fifty-two week high of $7.34.

Crexendo 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.