Perkins Capital Management Inc. Makes New Investment in Crexendo, Inc. (NASDAQ:CXDO)

Perkins Capital Management Inc. bought a new stake in shares of Crexendo, Inc. (NASDAQ:CXDO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 50,000 shares of the company’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Creative Financial Designs Inc. ADV purchased a new stake in Crexendo during the fourth quarter valued at $44,000. GSA Capital Partners LLP boosted its position in Crexendo by 41.2% in the third quarter. GSA Capital Partners LLP now owns 17,598 shares of the company’s stock worth $82,000 after purchasing an additional 5,139 shares during the last quarter. Barclays PLC bought a new stake in shares of Crexendo during the 3rd quarter valued at about $109,000. ARS Investment Partners LLC purchased a new stake in shares of Crexendo during the 4th quarter valued at about $243,000. Finally, Geode Capital Management LLC increased 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 valued at $651,000 after purchasing an additional 21,739 shares during the last quarter. 9.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CTO David Tzat-Kin Wang sold 229,476 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $5.50, for a total value of $1,262,118.00. Following the completion of the transaction, the chief technology officer now owns 445,995 shares of the company’s stock, valued at approximately $2,452,972.50. This represents a 33.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jeffrey G. Korn sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $6.00, for a total value of $60,000.00. Following the sale, the chief executive officer now directly owns 243,384 shares in the company, valued at approximately $1,460,304. This represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 249,476 shares of company stock valued at $1,384,818. 56.20% of the stock is owned by corporate insiders.

Crexendo Stock Up 0.9 %

NASDAQ CXDO opened at $5.51 on Monday. Crexendo, Inc. has a 52 week low of $2.92 and a 52 week high of $7.34. The company has a market capitalization of $153.73 million, a P/E ratio of 183.73 and a beta of 1.15. The stock’s 50-day moving average price is $5.96 and its 200-day moving average price is $5.44.

Analysts Set New Price Targets

CXDO has been the topic of a number of research reports. B. Riley reissued a “buy” rating and issued a $7.50 price objective (up previously from $6.75) on shares of Crexendo in a report on Wednesday, March 5th. D. Boral Capital lifted their price target on shares of Crexendo from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th.

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.