Craig Hallum Begins Coverage on Crexendo (NASDAQ:CXDO)

Craig Hallum started coverage on shares of Crexendo (NASDAQ:CXDO - Free Report) in a research report sent to investors on Monday morning, Marketbeat reports. The firm issued a buy rating and a $8.00 target price on the stock.

Other equities research analysts have also recently issued reports about the company. D. Boral Capital increased their price objective on Crexendo from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. B. Riley restated a "buy" rating and issued a $7.50 price target (up from $6.75) on shares of Crexendo in a research report on Wednesday, March 5th.

Crexendo Stock Performance

Shares of NASDAQ:CXDO traded up $0.03 during midday trading on Monday, hitting $4.40. The company's stock had a trading volume of 68,429 shares, compared to its average volume of 151,780. Crexendo has a fifty-two week low of $2.92 and a fifty-two week high of $7.34. The stock has a market capitalization of $122.76 million, a price-to-earnings ratio of 146.72 and a beta of 1.33. The stock's 50 day simple moving average is $5.71 and its 200 day simple moving average is $5.46.

Insider Activity

In related news, CEO Jeffrey G. Korn sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $6.00, for a total transaction of $60,000.00. Following the completion of the transaction, the chief executive officer now owns 243,384 shares in the company, valued at $1,460,304. This trade represents a 3.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO David Tzat-Kin Wang sold 229,476 shares of the company'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 sale, the chief technology officer now owns 445,995 shares in the company, valued at $2,452,972.50. This trade represents a 33.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 249,476 shares of company stock worth $1,384,818. Company insiders own 56.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of 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 acquiring an additional 2,578 shares in the last quarter. Creative Financial Designs Inc. ADV acquired a new position in Crexendo in the fourth quarter worth $44,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Crexendo during the fourth quarter worth $69,000. Walleye Capital LLC acquired a new stake in shares of Crexendo in the fourth quarter valued at $69,000. Finally, Northern Trust Corp raised its holdings in shares of Crexendo by 44.8% in the fourth quarter. Northern Trust Corp now owns 19,680 shares of the company's stock valued at $103,000 after buying an additional 6,085 shares during the last quarter. 9.53% of the stock is owned by institutional investors.

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.