Insider Selling: Crexendo Inc. (NASDAQ:CXDO) CEO Sells 3,200 Shares of Stock

Key Points

• Crexendo Inc. CEO Jeffrey G. Korn sold 3,200 shares of stock at an average price of $6.51, resulting in a total transaction of $20,832, decreasing his position by 1.31%.
• The company's stock is currently down 3.0% trading at $5.83, with a market capitalization of $175.89 million.
• Recent analyst updates included a revised price target from D. Boral Capital, increasing it from $10.00 to $11.00 and maintaining a "buy" rating.

Crexendo Inc. (NASDAQ:CXDO - Get Free Report) CEO Jeffrey G. Korn sold 3,200 shares of Crexendo stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $6.51, for a total transaction of $20,832.00. Following the completion of the sale, the chief executive officer owned 241,996 shares in the company, valued at approximately $1,575,393.96. This trade represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Crexendo Stock Down 3.0%

CXDO stock traded down $0.18 during midday trading on Monday, hitting $5.83. The company's stock had a trading volume of 335,484 shares, compared to its average volume of 197,977. Crexendo Inc. has a 52-week low of $3.75 and a 52-week high of $7.34. The firm has a market capitalization of $175.89 million, a P/E ratio of 58.31 and a beta of 0.98. The firm has a 50-day simple moving average of $5.77 and a 200-day simple moving average of $5.60.

Wall Street Analyst Weigh In

Several research firms have commented on CXDO. D. Boral Capital boosted their price objective on Crexendo from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Needham & Company LLC started coverage on shares of Crexendo in a research note on Tuesday, July 1st. They issued a "buy" rating and a $8.00 price target for the company. Wall Street Zen lowered shares of Crexendo from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Lake Street Capital upped their price objective on shares of Crexendo from $8.00 to $8.50 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $8.60.

Hedge Funds Weigh In On Crexendo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Crexendo during the 2nd quarter worth $29,000. Huntington National Bank purchased a new stake in shares of Crexendo during the 2nd quarter worth $30,000. Bank of America Corp DE lifted 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 purchased a new stake in shares of Crexendo during the 1st quarter worth $49,000. Finally, Algert Global LLC purchased a new stake in shares of Crexendo during the 1st quarter worth $61,000. Hedge funds and other institutional investors own 9.53% of the company's stock.

About Crexendo

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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