Crexendo Inc. (NASDAQ:CXDO) Shares Acquired by Perkins Capital Management Inc.

Key Points

• Perkins Capital Management Inc. increased its stake in Crexendo Inc. by 241.2%, acquiring an additional 120,600 shares in the 1st quarter, bringing their total ownership to 170,600 shares valued at $831,000.
• Insider sales were notable, with CTO David Tzat-Kin Wang selling 392,610 shares at $4.90 each, representing a 46.82% decrease in his ownership.
• Crexendo's stock has a current market cap of $170.99 million, with a consensus buy rating from analysts and a price target averaging $8.38.

Perkins Capital Management Inc. lifted its stake in shares of Crexendo Inc. (NASDAQ:CXDO - Free Report) by 241.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 170,600 shares of the company's stock after acquiring an additional 120,600 shares during the period. Perkins Capital Management Inc. owned 0.61% of Crexendo worth $831,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CXDO. Bank of America Corp DE increased its position 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 worth $32,000 after purchasing an additional 2,578 shares during the last quarter. Detalus Advisors LLC acquired a new stake in shares of Crexendo during the 1st quarter worth about $49,000. Walleye Capital LLC acquired a new stake in shares of Crexendo during the 4th quarter worth about $69,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Crexendo during the 4th quarter worth about $69,000. Finally, Northern Trust Corp increased its position in shares of Crexendo by 44.8% during 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 last quarter. 9.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Crexendo

In other news, CTO David Tzat-Kin Wang sold 392,610 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $4.90, for a total transaction of $1,923,789.00. Following the completion of the transaction, the chief technology officer directly owned 445,995 shares of the company's stock, valued at approximately $2,185,375.50. The trade was a 46.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 406,210 shares of company stock worth $2,012,473 over the last three months. Insiders own 56.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CXDO. Needham & Company LLC began coverage on Crexendo in a research report on Tuesday, July 1st. They issued a "buy" rating and a $8.00 target price for the company. Craig Hallum began coverage on Crexendo in a research report on Monday, April 7th. They issued a "buy" rating and a $8.00 target price for the company. D. Boral Capital reaffirmed a "buy" rating and issued a $10.00 target price on shares of Crexendo in a research report on Wednesday, May 7th. Finally, Wall Street Zen downgraded Crexendo from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $8.38.

Crexendo Stock Down 2.2%

NASDAQ CXDO traded down $0.13 during trading on Monday, hitting $5.76. The stock had a trading volume of 127,944 shares, compared to its average volume of 150,524. Crexendo Inc. has a twelve month low of $3.62 and a twelve month high of $7.34. The company has a market capitalization of $167.21 million, a PE ratio of 72.01 and a beta of 1.15. The firm has a 50 day moving average price of $5.72 and a 200 day moving average price of $5.58.

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.