B. Riley Reiterates Buy Rating for Crexendo (NASDAQ:CXDO)

Crexendo (NASDAQ:CXDO)‘s stock had its “buy” rating reissued by B. Riley in a note issued to investors on Wednesday,Benzinga reports. They presently have a $7.50 target price on the stock, up from their previous target price of $6.75. B. Riley’s target price would indicate a potential upside of 4.18% from the stock’s previous close.

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

Crexendo Stock Up 24.8 %

Shares of CXDO traded up $1.43 during mid-day trading on Wednesday, hitting $7.20. 442,458 shares of the company traded hands, compared to its average volume of 151,860. Crexendo has a 1-year low of $2.92 and a 1-year high of $7.30. The business has a 50 day moving average of $5.79 and a 200 day moving average of $5.35. The company has a market capitalization of $192.32 million, a PE ratio of 239.88 and a beta of 1.11.

Insider Buying and Selling

In related news, CTO David Tzat-Kin Wang sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $5.15, for a total transaction of $30,900.00. Following the completion of the transaction, the chief technology officer now directly owns 443,079 shares in the company, valued at $2,281,856.85. This trade represents a 1.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeffrey G. Korn sold 7,000 shares of Crexendo stock in a transaction that occurred on Monday, December 9th. The shares were 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 $1,311,082.50. This trade represents a 2.73 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 131,960 shares of company stock valued at $653,627. 56.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Crexendo

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Advisor Resource Council purchased a new position in Crexendo in the third quarter valued at $93,000. GSA Capital Partners LLP boosted its position in shares of Crexendo by 41.2% during the 3rd quarter. GSA Capital Partners LLP now owns 17,598 shares of the company’s stock worth $82,000 after acquiring an additional 5,139 shares in the last quarter. Barclays PLC purchased a new position in shares of Crexendo in the 3rd quarter valued at about $109,000. Geode Capital Management LLC raised its position in shares of Crexendo by 18.4% during the 3rd quarter. Geode Capital Management LLC now owns 140,193 shares of the company’s stock worth $651,000 after acquiring an additional 21,739 shares in the last quarter. Finally, ARS Investment Partners LLC purchased a new stake in Crexendo during the fourth quarter worth approximately $243,000. 9.53% of the stock is currently owned by institutional investors and hedge funds.

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.