Renaissance Technologies LLC Purchases 119,037 Shares of Crexendo Inc. $CXDO

Renaissance Technologies LLC increased its holdings in Crexendo Inc. (NASDAQ:CXDO) by 52.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 346,737 shares of the company’s stock after acquiring an additional 119,037 shares during the quarter. Renaissance Technologies LLC’s holdings in Crexendo were worth $2,139,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CXDO. MidFirst Bank purchased a new position in Crexendo during the fourth quarter worth about $1,277,000. Geode Capital Management LLC raised its holdings in shares of Crexendo by 120.1% in the 2nd quarter. Geode Capital Management LLC now owns 318,001 shares of the company’s stock valued at $1,930,000 after acquiring an additional 173,530 shares in the last quarter. Potomac Capital Management Inc. purchased a new stake in shares of Crexendo in the 4th quarter valued at about $985,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Crexendo during the 3rd quarter valued at about $805,000. Finally, Informed Momentum Co LLC bought a new stake in shares of Crexendo during the 4th quarter valued at about $717,000. Institutional investors own 9.53% of the company’s stock.

Crexendo Price Performance

CXDO stock opened at $6.30 on Tuesday. The firm has a market cap of $209.47 million, a P/E ratio of 45.00 and a beta of 1.12. The firm’s fifty day moving average is $7.43 and its 200 day moving average is $7.25. Crexendo Inc. has a 52 week low of $5.55 and a 52 week high of $11.23. 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 (NASDAQ:CXDO) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.02. Crexendo had a net margin of 5.31% and a return on equity of 14.34%. The business had revenue of $24.65 million during the quarter, compared to analyst estimates of $24.65 million. Research analysts predict that Crexendo Inc. will post 0.36 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO David Tzat-Kin Wang sold 25,000 shares of the business’s stock in a transaction dated 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 owned 559,747 shares of the company’s stock, valued at approximately $4,192,505.03. The trade was a 4.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Douglas Walter Gaylor sold 5,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $10.35, for a total value of $51,750.00. Following the sale, the chief operating officer owned 222,816 shares of the company’s stock, valued at $2,306,145.60. This represents a 2.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 453,400 shares of company stock worth $4,395,111 in the last 90 days. 47.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.