Bard Associates Inc. Makes New Investment in Crexendo Inc. $CXDO

Key Points

• Bard Associates initiated a position in Crexendo, purchasing 359,974 shares worth approximately $2.69 million, or about 1.08% of the company. Other institutional investors also increased holdings, though institutions collectively own just 9.53% of shares.
• Crexendo’s latest quarterly results exceeded expectations, with EPS of $0.12 versus a $0.10 estimate and revenue of $24.65 million. Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $10.50 target price.
• Insiders have been selling shares: executives sold 401,000 shares worth nearly $3.89 million over the past three months. CXDO opened at $6.39, well below its 52-week high of $11.23.

Bard Associates Inc. purchased a new position in Crexendo Inc. (NASDAQ:CXDO - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 359,974 shares of the company's stock, valued at approximately $2,689,000. Bard Associates Inc. owned about 1.08% of Crexendo at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Bank of America Corp DE grew 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 valued at $32,000 after acquiring an additional 2,578 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of Crexendo by 28.1% during the 1st quarter. NewEdge Advisors LLC now owns 74,125 shares of the company's stock valued at $361,000 after acquiring an additional 16,267 shares during the last quarter. Goldman Sachs Group Inc. acquired a new position in shares of Crexendo during the 1st quarter valued at about $431,000. Geode Capital Management LLC grew its holdings in shares of Crexendo by 120.1% in the second quarter. Geode Capital Management LLC now owns 318,001 shares of the company's stock valued at $1,930,000 after purchasing an additional 173,530 shares during the period. Finally, JPMorgan Chase & Co. acquired a new stake in Crexendo during the second quarter worth about $41,000. 9.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Jeffrey G. Korn sold 27,000 shares of the company's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $9.94, for a total value of $268,380.00. Following the completion of the sale, the chief executive officer directly owned 209,026 shares of the company's stock, valued at approximately $2,077,718.44. This represents a 11.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Jon Brinton sold 20,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $10.69, for a total transaction of $213,800.00. Following the sale, the executive owned 69,795 shares of the company's stock, valued at $746,108.55. This trade represents a 22.27% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 401,000 shares of company stock valued at $3,887,985. 47.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on CXDO. B. Riley Financial decreased their target price on shares of Crexendo from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Crexendo in a report on Monday, August 3rd. Lake Street Capital reissued a "buy" rating and set a $11.00 target price on shares of Crexendo in a research note on Wednesday, May 6th. Finally, Needham & Company LLC lifted their target price on Crexendo from $9.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Crexendo has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

Crexendo Trading Up 1.6%

NASDAQ CXDO opened at $6.39 on Friday. The company has a quick ratio of 1.98, a current ratio of 2.06 and a debt-to-equity ratio of 0.06. Crexendo Inc. has a 52 week low of $5.55 and a 52 week high of $11.23. The stock has a market capitalization of $212.47 million, a PE ratio of 45.64 and a beta of 1.12. The firm has a 50 day moving average of $7.16 and a two-hundred day moving average of $7.21.

Crexendo (NASDAQ:CXDO - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. Crexendo had a return on equity of 14.34% and a net margin of 5.31%.The business had revenue of $24.65 million during the quarter, compared to analysts' expectations of $24.65 million. As a group, research analysts expect that Crexendo Inc. will post 0.34 EPS for the current fiscal year.

Crexendo Company Profile

Crexendo, Inc NASDAQ: CXDO is a provider of cloud-based communications and collaboration solutions tailored to businesses of varying sizes. The company's flagship offering, CXsuite, integrates enterprise-grade voice, video conferencing, instant messaging, presence, and contact center functionality into a single platform delivered over the internet. By leveraging hosted infrastructure and a subscription-based model, Crexendo aims to reduce on-premises hardware costs and simplify management for IT teams and resellers.

Crexendo's product portfolio includes a multi-tenant cloud PBX, SIP trunking, session border controllers and an application programming interface (API) suite that allows partners and customers to embed real-time communications into custom workflows.

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