Globeflex Capital L P Buys New Position in Crexendo Inc. $CXDO

Globeflex Capital L P acquired a new stake in shares of Crexendo Inc. (NASDAQ:CXDO) during the 2nd quarter, HoldingsChannel reports. The firm acquired 129,470 shares of the company’s stock, valued at approximately $967,000.

Other hedge funds have also recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its position in shares of Crexendo by 172.6% during the third quarter. BNP Paribas Financial Markets now owns 4,394 shares of the company’s stock valued at $29,000 after purchasing an additional 2,782 shares in the last quarter. Strive Financial Group LLC bought a new stake in Crexendo in the 4th quarter worth about $31,000. Bank of America Corp DE grew its position in 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 purchasing an additional 2,578 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in Crexendo in the 2nd quarter valued at about $41,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Crexendo in the 2nd quarter valued at about $48,000. 9.53% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Crexendo news, CFO Ron Vincent sold 90,000 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $10.03, for a total transaction of $902,700.00. Following the completion of the transaction, the chief financial officer directly owned 117,490 shares of the company’s stock, valued at approximately $1,178,424.70. This represents a 43.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David Tzat-Kin Wang sold 25,000 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.49, for a total value of $187,250.00. Following the completion of the sale, the chief technology officer directly owned 559,747 shares of the company’s stock, valued at $4,192,505.03. This represents a 4.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 310,500 shares of company stock valued at $2,993,070 in the last quarter. 47.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CXDO. Weiss Ratings restated a “hold (c+)” rating on shares of Crexendo in a research note on Monday, August 3rd. Lake Street Capital reiterated a “buy” rating and set a $11.00 price target on shares of Crexendo in a report on Wednesday, May 6th. B. Riley Financial cut their price objective on Crexendo from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Finally, Needham & Company LLC upped their price objective on Crexendo from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Crexendo presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.50.

Crexendo Stock Performance

Shares of CXDO stock opened at $6.27 on Tuesday. The firm has a market cap of $208.48 million, a price-to-earnings ratio of 44.79 and a beta of 1.12. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.98 and a current ratio of 2.06. Crexendo Inc. has a 52 week low of $5.55 and a 52 week high of $11.23. The firm’s 50-day simple moving average is $7.14 and its two-hundred day simple moving average is $7.20.

Crexendo (NASDAQ:CXDO) last released its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. Crexendo had a net margin of 5.31% and a return on equity of 14.34%. The firm had revenue of $24.65 million during the quarter, compared to the consensus estimate of $24.65 million. As a group, equities analysts forecast that Crexendo Inc. will post 0.34 earnings per share for the current year.

Crexendo Company Profile

Crexendo, Inc (NASDAQ: CXDO) is a provider of cloud-based communications and collaboration solutions tailored to businesses of varying sizes. The company’s flagship offering, CXsuite, integrates enterprise-grade voice, video conferencing, instant messaging, presence, and contact center functionality into a single platform delivered over the internet. By leveraging hosted infrastructure and a subscription-based model, Crexendo aims to reduce on-premises hardware costs and simplify management for IT teams and resellers.

Crexendo’s product portfolio includes a multi-tenant cloud PBX, SIP trunking, session border controllers and an application programming interface (API) suite that allows partners and customers to embed real-time communications into custom workflows.