BlackRock Inc. Acquires New Shares in Crexendo Inc. $CXDO

Key Points

• BlackRock acquired 1.07 million Crexendo shares worth approximately $7.96 million, representing about 3.2% of the company. Institutional investors collectively own 9.53% of CXDO.
• Crexendo reported quarterly earnings of $0.12 per share, beating estimates of $0.10, on revenue of $24.65 million. The stock recently traded at $6.01, near its 12-month low of $5.55.
• Analysts maintain a “Moderate Buy” consensus with a $10.50 target price, although B. Riley lowered its target to $9.00. Insiders have sold 75,000 shares over the past 90 days, while insiders retain a 47.2% ownership stake.

BlackRock Inc. purchased a new position in shares of Crexendo Inc. (NASDAQ:CXDO - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,065,200 shares of the company's stock, valued at approximately $7,957,000. BlackRock Inc. owned approximately 3.20% of Crexendo as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. BNP Paribas Financial Markets lifted its position in shares of Crexendo by 172.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,394 shares of the company's stock worth $29,000 after purchasing an additional 2,782 shares during the period. Strive Financial Group LLC purchased a new position in shares of Crexendo during the fourth quarter valued at approximately $31,000. Bank of America Corp DE grew its stake in shares of 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 acquiring an additional 2,578 shares in the last quarter. JPMorgan Chase & Co. bought a new position in shares of Crexendo in the second quarter valued at approximately $41,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Crexendo during the second quarter valued at about $48,000. Institutional investors own 9.53% of the company's stock.

Crexendo Stock Performance

Shares of CXDO opened at $6.01 on Friday. The business's fifty day simple moving average is $6.97 and its two-hundred day simple moving average is $7.19. The company has a current ratio of 2.06, a quick ratio of 1.98 and a debt-to-equity ratio of 0.06. The company has a market cap of $199.83 million, a price-to-earnings ratio of 42.93 and a beta of 1.11. Crexendo Inc. has a 12 month low of $5.55 and a 12 month high of $11.23.

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

Insider Activity at Crexendo

In other Crexendo news, CTO David Wang sold 25,000 shares of the business's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $6.50, for a total transaction of $162,500.00. Following the completion of the sale, the chief technology officer owned 534,747 shares of the company's stock, valued at approximately $3,475,855.50. The trade was a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders sold 75,000 shares of company stock valued at $534,500. Corporate insiders own 47.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CXDO. B. Riley Financial decreased their price objective on Crexendo from $10.00 to $9.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Weiss Ratings restated a "hold (c+)" rating on shares of Crexendo in a research report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

About Crexendo

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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