Craig Hallum Initiates Coverage on Crexendo (NASDAQ:CXDO)

Analysts at Craig Hallum initiated coverage on shares of Crexendo (NASDAQ:CXDO) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $8.00 price target on the stock. Craig Hallum’s target price would suggest a potential upside of 94.17% from the stock’s previous close.

A number of other equities analysts have also issued reports on the stock. D. Boral Capital raised their target price on shares of Crexendo from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. B. Riley restated a “buy” rating and issued a $7.50 price objective (up from $6.75) on shares of Crexendo in a research note on Wednesday, March 5th.

Crexendo Stock Down 9.5 %

Shares of NASDAQ CXDO opened at $4.12 on Monday. The business has a 50-day moving average price of $5.89 and a 200 day moving average price of $5.48. The stock has a market cap of $114.95 million, a PE ratio of 137.38 and a beta of 1.33. Crexendo has a 52-week low of $2.92 and a 52-week high of $7.34.

Insider Activity

In other Crexendo news, CEO Jeffrey G. Korn sold 10,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $6.00, for a total value of $60,000.00. Following the sale, the chief executive officer now owns 243,384 shares of the company’s stock, valued at approximately $1,460,304. This represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO David Tzat-Kin Wang sold 229,476 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $5.50, for a total value of $1,262,118.00. Following the completion of the transaction, the chief technology officer now owns 445,995 shares of the company’s stock, valued at approximately $2,452,972.50. This represents a 33.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 249,476 shares of company stock worth $1,384,818. Company insiders own 56.20% of the company’s stock.

Institutional Trading of Crexendo

Several large investors have recently modified their holdings of CXDO. 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. Creative Financial Designs Inc. ADV acquired a new position in shares of Crexendo in the fourth quarter worth $44,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Crexendo in the fourth quarter worth $69,000. Walleye Capital LLC purchased a new stake in shares of Crexendo in the fourth quarter valued at $69,000. Finally, Northern Trust Corp boosted its stake in shares of Crexendo by 44.8% during the fourth quarter. Northern Trust Corp now owns 19,680 shares of the company’s stock valued at $103,000 after acquiring an additional 6,085 shares during the last quarter. 9.53% of the stock is currently owned by institutional investors and hedge funds.

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.