Insider Selling: Crexendo Inc. (NASDAQ:CXDO) CEO Sells 2,800 Shares of Stock

Crexendo Inc. (NASDAQ:CXDO - Get Free Report) CEO Jeffrey G. Korn sold 2,800 shares of Crexendo stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $6.54, for a total transaction of $18,312.00. Following the completion of the transaction, the chief executive officer directly owned 248,986 shares of the company's stock, valued at approximately $1,628,368.44. This represents a 1.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Crexendo Stock Performance

Shares of NASDAQ CXDO traded down $0.25 during trading hours on Thursday, hitting $6.00. The stock had a trading volume of 137,405 shares, compared to its average volume of 176,512. The company has a market capitalization of $174.18 million, a P/E ratio of 75.01 and a beta of 1.15. The firm's 50-day moving average price is $5.65 and its two-hundred day moving average price is $5.54. Crexendo Inc. has a 52 week low of $3.16 and a 52 week high of $7.34.

Institutional Investors Weigh In On Crexendo

Several institutional investors and hedge funds have recently added to or reduced their stakes in CXDO. Bank of America Corp DE lifted its holdings in 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 purchasing an additional 2,578 shares during the last quarter. Creative Financial Designs Inc. ADV bought a new stake in shares of Crexendo during the fourth quarter valued at approximately $44,000. Detalus Advisors LLC bought a new stake in shares of Crexendo during the first quarter valued at approximately $49,000. Algert Global LLC bought a new stake in shares of Crexendo during the first quarter valued at approximately $61,000. Finally, Walleye Capital LLC bought a new stake in Crexendo in the fourth quarter valued at $69,000. 9.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.