Insider Selling: Crexendo Inc. (NASDAQ:CXDO) CEO Sells 3,000 Shares of Stock

Crexendo Inc. (NASDAQ:CXDO - Get Free Report) CEO Jeffrey G. Korn sold 3,000 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $6.51, for a total value of $19,530.00. Following the transaction, the chief executive officer owned 245,986 shares in the company, valued at $1,601,368.86. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Crexendo Stock Performance

CXDO traded down $0.25 on Thursday, hitting $6.00. 137,405 shares of the company were exchanged, compared to its average volume of 176,131. The firm has a fifty day simple moving average of $5.65 and a two-hundred day simple moving average of $5.54. Crexendo Inc. has a 12 month low of $3.06 and a 12 month high of $7.34. The stock has a market capitalization of $174.19 million, a PE ratio of 75.01 and a beta of 1.15.

Hedge Funds Weigh In On Crexendo

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its position in 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 acquiring an additional 2,578 shares during the last quarter. Creative Financial Designs Inc. ADV purchased a new stake in Crexendo in the 4th quarter worth approximately $44,000. Detalus Advisors LLC purchased a new stake in Crexendo in the 1st quarter worth approximately $49,000. Algert Global LLC purchased a new stake in Crexendo in the 1st quarter worth approximately $61,000. Finally, Walleye Capital LLC purchased a new stake in Crexendo in the 4th quarter worth approximately $69,000. 9.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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