Crexendo (NASDAQ:CXDO) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Crexendo (NASDAQ:CXDO) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Crexendo, Inc., formerly known as Imergent, Inc., operates as an eCommerce application service provider enabling companies to extend their business to eCommerce. It involves in the sale of StoresOnline software licenses; and provision of search engine optimization, search engine management, conversion rate optimization, Website design and development, and Web hosting services. The company sells and markets its products and services in the United States, Canada, the United Kingdom, Australia, New Zealand, and Singapore. Crexendo, Inc. is based in Tempe, Arizona. “

Several other research firms have also recently issued reports on CXDO. Colliers Securities reaffirmed a buy rating and set a $10.00 price objective on shares of Crexendo in a research report on Wednesday, November 10th. Lake Street Capital began coverage on Crexendo in a research report on Monday, November 22nd. They set a buy rating and a $9.00 price objective for the company.

CXDO stock opened at $4.45 on Tuesday. The business’s fifty day moving average price is $5.00 and its 200 day moving average price is $5.63. The company has a current ratio of 1.36, a quick ratio of 1.30 and a debt-to-equity ratio of 0.03. Crexendo has a 12-month low of $4.29 and a 12-month high of $8.08. The company has a market capitalization of $82.08 million, a PE ratio of 16.48, a P/E/G ratio of 5.00 and a beta of 1.40.

Crexendo (NASDAQ:CXDO) last released its quarterly earnings data on Tuesday, November 9th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The business had revenue of $8.81 million during the quarter, compared to analysts’ expectations of $7.77 million. Crexendo had a return on equity of 15.58% and a net margin of 22.71%. Research analysts predict that Crexendo will post 0.08 EPS for the current fiscal year.

In other news, CEO Steven G. Mihaylo bought 10,939 shares of the firm’s stock in a transaction that occurred on Wednesday, November 24th. The stock was purchased at an average cost of $5.08 per share, with a total value of $55,570.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven G. Mihaylo bought 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 14th. The stock was purchased at an average cost of $5.20 per share, with a total value of $390,000.00. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 127,500 shares of company stock valued at $648,944 and sold 30,000 shares valued at $151,580. 61.10% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its stake in Crexendo by 49.7% during the 3rd quarter. Geode Capital Management LLC now owns 26,602 shares of the company’s stock valued at $158,000 after acquiring an additional 8,836 shares during the last quarter. Royal Bank of Canada purchased a new position in shares of Crexendo during the 2nd quarter worth approximately $105,000. Millennium Management LLC purchased a new position in Crexendo in the 3rd quarter valued at approximately $69,000. Essex Investment Management Co. LLC increased its stake in Crexendo by 24.5% in the 3rd quarter. Essex Investment Management Co. LLC now owns 101,920 shares of the company’s stock valued at $611,000 after purchasing an additional 20,061 shares in the last quarter. Finally, Stanley Laman Group Ltd. raised its position in Crexendo by 10.3% in the third quarter. Stanley Laman Group Ltd. now owns 239,011 shares of the company’s stock valued at $1,432,000 after purchasing an additional 22,337 shares during the period. 6.95% of the stock is owned by hedge funds and other institutional investors.

About Crexendo

Crexendo, Inc engages in the provision of telecommunications services, broadband Internet services, and other cloud business services. It operates through the Cloud Telecommunications Services and Web Services segments. The Cloud Telecommunications Services segment focuses on selling cloud telecommunication products and services and broadband Internet services.

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