MidFirst Bank Invests $1.28 Million in Crexendo Inc. $CXDO

MidFirst Bank acquired a new stake in shares of Crexendo Inc. (NASDAQ:CXDO) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 197,346 shares of the company’s stock, valued at approximately $1,277,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Strive Financial Group LLC acquired a new stake in Crexendo in the 4th quarter worth approximately $31,000. NewEdge Advisors LLC increased its stake in Crexendo by 659.7% during the 4th quarter. NewEdge Advisors LLC now owns 112,353 shares of the company’s stock valued at $727,000 after purchasing an additional 97,563 shares in the last quarter. Occudo Quantitative Strategies LP raised its holdings in shares of Crexendo by 20.4% in the fourth quarter. Occudo Quantitative Strategies LP now owns 18,016 shares of the company’s stock worth $117,000 after buying an additional 3,056 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Crexendo by 45.6% during the fourth quarter. AQR Capital Management LLC now owns 17,212 shares of the company’s stock worth $111,000 after buying an additional 5,390 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of Crexendo by 2,260.1% during the fourth quarter. Russell Investments Group Ltd. now owns 28,274 shares of the company’s stock worth $183,000 after buying an additional 27,076 shares during the period. 9.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, CFO Ron Vincent sold 90,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $10.03, for a total value of $902,700.00. Following the completion of the transaction, the chief financial officer directly owned 117,490 shares in the company, valued at $1,178,424.70. The trade was a 43.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jeffrey G. Korn sold 39,500 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $9.95, for a total transaction of $393,025.00. Following the sale, the chief executive officer directly owned 209,026 shares in the company, valued at $2,079,808.70. This trade represents a 15.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 692,184 shares of company stock worth $6,540,573. 47.20% of the stock is currently owned by corporate insiders.

Crexendo Stock Down 0.2%

Shares of CXDO stock opened at $7.05 on Friday. The stock has a market cap of $228.43 million, a PE ratio of 46.97 and a beta of 1.08. The business has a 50-day simple moving average of $8.07 and a 200-day simple moving average of $7.10. Crexendo Inc. has a 52-week low of $5.18 and a 52-week high of $11.23.

Crexendo (NASDAQ:CXDO) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. Crexendo had a return on equity of 13.84% and a net margin of 6.15%.The company had revenue of $20.71 million during the quarter, compared to analysts’ expectations of $19.63 million. Sell-side analysts anticipate 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.