Crexendo (NASDAQ:CXDO) Given New $9.00 Price Target at Needham & Company LLC

Crexendo (NASDAQ:CXDO) had its price target increased by Needham & Company LLC from $8.00 to $9.00 in a research report released on Thursday, Marketbeat Ratings reports. They currently have a buy rating on the stock.

A number of other research analysts also recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Crexendo in a research note on Tuesday, October 14th. Wall Street Zen downgraded Crexendo from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. Lake Street Capital upped their price target on Crexendo from $8.00 to $8.50 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Finally, D. Boral Capital upped their price target on Crexendo from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $8.80.

Crexendo Trading Up 2.9%

Shares of NASDAQ:CXDO opened at $6.43 on Thursday. The stock has a 50 day moving average of $6.41 and a 200 day moving average of $5.86. The company has a market cap of $197.40 million, a PE ratio of 64.31 and a beta of 0.83. Crexendo has a 12-month low of $3.75 and a 12-month high of $7.34.

Crexendo (NASDAQ:CXDO) last announced its quarterly earnings data on Tuesday, June 7th. The company reported $0.02 earnings per share (EPS) for the quarter. The company had revenue of $4.51 million during the quarter. Crexendo had a return on equity of 11.33% and a net margin of 4.75%. Equities research analysts predict that Crexendo will post 0.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Douglas Walter Gaylor sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $6.76, for a total transaction of $67,600.00. Following the completion of the transaction, the chief operating officer directly owned 238,531 shares in the company, valued at approximately $1,612,469.56. This represents a 4.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ron Vincent sold 8,200 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $6.52, for a total value of $53,464.00. Following the transaction, the chief financial officer owned 172,747 shares of the company’s stock, valued at $1,126,310.44. This represents a 4.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,400 shares of company stock valued at $141,896 over the last quarter. Corporate insiders own 47.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CXDO. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Crexendo during the 2nd quarter valued at approximately $29,000. Huntington National Bank bought a new position in shares of Crexendo during the 2nd quarter valued at approximately $30,000. Bank of America Corp DE boosted 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 valued at $32,000 after acquiring an additional 2,578 shares during the last quarter. JPMorgan Chase & Co. bought a new position in shares of Crexendo during the 2nd quarter valued at approximately $41,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Crexendo during the 2nd quarter valued at approximately $48,000. 9.53% of the stock is currently owned by institutional investors.

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.