MidFirst Bank Makes New Investment in Crexendo Inc. $CXDO

MidFirst Bank purchased a new position in shares of Crexendo Inc. (NASDAQ:CXDO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 197,346 shares of the company’s stock, valued at approximately $1,277,000. MidFirst Bank owned approximately 0.64% of Crexendo at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CXDO. BNP Paribas Financial Markets raised its holdings in shares of Crexendo by 172.6% in the third quarter. BNP Paribas Financial Markets now owns 4,394 shares of the company’s stock valued at $29,000 after acquiring an additional 2,782 shares in the last quarter. Strive Financial Group LLC bought a new position in Crexendo during the 4th quarter worth about $31,000. Bank of America Corp DE grew its holdings in Crexendo by 71.7% during 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. JPMorgan Chase & Co. bought a new stake in shares of Crexendo in the 2nd quarter valued at about $41,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Crexendo in the 2nd quarter valued at about $48,000. Hedge funds and other institutional investors own 9.53% of the company’s stock.

Insider Activity at Crexendo

In related news, CTO David Tzat-Kin Wang sold 25,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $7.49, for a total transaction of $187,250.00. Following the completion of the sale, the chief technology officer 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeffrey G. Korn sold 27,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $9.94, for a total transaction of $268,380.00. Following the completion of the sale, the chief executive officer owned 209,026 shares of the company’s stock, valued at approximately $2,077,718.44. This trade represents a 11.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 692,184 shares of company stock valued at $6,540,573 over the last three months. Company insiders own 47.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Lake Street Capital reiterated a “buy” rating and set a $11.00 price objective on shares of Crexendo in a research note on Wednesday, May 6th. Needham & Company LLC boosted their price objective on shares of Crexendo from $9.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings upgraded Crexendo from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $10.40.

Crexendo Stock Performance

Shares of Crexendo stock opened at $7.05 on Friday. The company has a market capitalization of $228.43 million, a PE ratio of 46.97 and a beta of 1.08. The company has a 50-day simple moving average of $8.07 and a two-hundred day simple moving average of $7.10. Crexendo Inc. has a one year low of $5.18 and a one year high of $11.23.

Crexendo (NASDAQ:CXDO) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. Crexendo had a net margin of 6.15% and a return on equity of 13.84%. The business had revenue of $20.71 million during the quarter, compared to analyst estimates of $19.63 million. On average, equities analysts predict that Crexendo Inc. will post 0.36 earnings per share for the current fiscal year.

Crexendo 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.