Goldman Sachs Group Inc. Buys New Stake in Crexendo Inc. $CXDO

Key Points

• Goldman Sachs Group Inc. has acquired a new stake in Crexendo Inc., purchasing 88,472 shares valued at approximately $431,000, giving it a 0.30% ownership in the company.
• Insider trading activity revealed that COO Douglas Walter Gaylor and CFO Ron Vincent sold shares of Crexendo, reducing their holdings by approximately 4.02% and 4.53% respectively.
• Analysts have set a variety of price targets for Crexendo, with the average target currently at $8.60 and multiple firms rating the stock as a "buy."

Goldman Sachs Group Inc. bought a new stake in Crexendo Inc. (NASDAQ:CXDO - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 88,472 shares of the company's stock, valued at approximately $431,000. Goldman Sachs Group Inc. owned approximately 0.30% of Crexendo as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE lifted 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 valued at $32,000 after buying an additional 2,578 shares in the last quarter. Detalus Advisors LLC purchased a new stake in Crexendo in the 1st quarter valued at approximately $49,000. Algert Global LLC purchased a new position in shares of Crexendo during the 1st quarter worth $61,000. Mink Brook Asset Management LLC purchased a new position in shares of Crexendo during the 1st quarter worth $75,000. Finally, Trexquant Investment LP purchased a new position in shares of Crexendo during the 1st quarter worth $90,000. Hedge funds and other institutional investors own 9.53% of the company's stock.

Insiders Place Their Bets

In other news, COO Douglas Walter Gaylor sold 10,000 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $6.76, for a total transaction of $67,600.00. Following the completion of the sale, the chief operating officer directly owned 238,531 shares in the company, valued at $1,612,469.56. This represents a 4.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Ron Vincent sold 8,200 shares of the company's stock in a transaction on Thursday, August 7th. The stock was 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 of the company's stock, valued at approximately $1,126,310.44. The trade was a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,000 shares of company stock valued at $230,580. Insiders own 56.20% of the company's stock.

Analysts Set New Price Targets

CXDO has been the topic of a number of recent analyst reports. Needham & Company LLC initiated coverage on Crexendo in a research note on Tuesday, July 1st. They set a "buy" rating and a $8.00 price target on the stock. Lake Street Capital increased their price target on Crexendo from $8.00 to $8.50 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. D. Boral Capital increased their price target on Crexendo from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Wall Street Zen lowered Crexendo from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Crexendo presently has an average rating of "Buy" and an average target price of $8.60.

Crexendo Stock Up 3.1%

CXDO stock opened at $6.70 on Friday. The company has a market cap of $202.14 million, a price-to-earnings ratio of 67.01 and a beta of 0.98. The business has a fifty day simple moving average of $6.22 and a 200-day simple moving average of $5.67. Crexendo Inc. has a 52 week low of $3.75 and a 52 week high of $7.34.

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.

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