B. Riley Reaffirms “Buy” Rating for Crexendo (NASDAQ:CXDO)

Crexendo (NASDAQ:CXDO)‘s stock had its “buy” rating restated by equities research analysts at B. Riley in a report released on Wednesday,Benzinga reports. They currently have a $7.50 target price on the stock, up from their prior target price of $6.75. B. Riley’s price target suggests a potential upside of 11.11% from the company’s current price.

Separately, D. Boral Capital assumed coverage on Crexendo in a research note on Tuesday, January 21st. They issued a “buy” rating and a $7.00 price target for the company.

Crexendo Stock Down 5.7 %

Shares of CXDO stock opened at $6.75 on Wednesday. The stock has a fifty day moving average of $5.85 and a 200 day moving average of $5.37. Crexendo has a 52 week low of $2.92 and a 52 week high of $7.34. The firm has a market capitalization of $180.33 million, a price-to-earnings ratio of 225.08 and a beta of 1.15.

Insider Buying and Selling at Crexendo

In other Crexendo news, CEO Jeffrey G. Korn sold 7,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.25, for a total transaction of $36,750.00. Following the completion of the transaction, the chief executive officer now owns 249,730 shares of the company’s stock, valued at approximately $1,311,082.50. This trade represents a 2.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO David Tzat-Kin Wang sold 106,667 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $4.90, for a total value of $522,668.30. Following the transaction, the chief technology officer now directly owns 443,079 shares of the company’s stock, valued at $2,171,087.10. This represents a 19.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 131,960 shares of company stock valued at $653,627. 56.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Crexendo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of Crexendo by 8.9% during the fourth quarter. Barclays PLC now owns 25,688 shares of the company’s stock valued at $134,000 after acquiring an additional 2,105 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Crexendo by 71.7% during the fourth 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 in the last quarter. GSA Capital Partners LLP increased its holdings in shares of Crexendo by 41.2% during the third quarter. GSA Capital Partners LLP now owns 17,598 shares of the company’s stock valued at $82,000 after acquiring an additional 5,139 shares in the last quarter. Northern Trust Corp increased its holdings 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 in the last quarter. Finally, Creative Financial Designs Inc. ADV bought a new position in shares of Crexendo during the fourth quarter valued at $44,000. Hedge funds and other institutional investors own 9.53% of the company’s stock.

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.