Essex Investment Management Co. LLC Cuts Stock Holdings in Crexendo, Inc. (NASDAQ:CXDO)

Essex Investment Management Co. LLC trimmed its position in shares of Crexendo, Inc. (NASDAQ:CXDO) by 11.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 732,671 shares of the company’s stock after selling 96,088 shares during the quarter. Essex Investment Management Co. LLC owned approximately 2.74% of Crexendo worth $3,832,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GSA Capital Partners LLP boosted its stake in 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 purchasing an additional 5,139 shares during the last quarter. Barclays PLC purchased a new position in Crexendo during the third quarter worth about $109,000. ARS Investment Partners LLC purchased a new position in Crexendo during the fourth quarter worth about $243,000. Finally, Geode Capital Management LLC lifted its position in shares of Crexendo by 18.4% during the third quarter. Geode Capital Management LLC now owns 140,193 shares of the company’s stock worth $651,000 after purchasing an additional 21,739 shares in the last quarter. Hedge funds and other institutional investors own 9.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CXDO shares. B. Riley reissued a “buy” rating and set a $7.50 price target (up previously from $6.75) on shares of Crexendo in a research report on Wednesday. D. Boral Capital raised their price objective on shares of Crexendo from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday.

Crexendo Trading Down 4.1 %

Shares of CXDO opened at $6.47 on Friday. The firm has a market cap of $172.85 million, a PE ratio of 215.74 and a beta of 1.15. The company’s 50 day simple moving average is $5.88 and its 200-day simple moving average is $5.38. Crexendo, Inc. has a 12-month low of $2.92 and a 12-month high of $7.34.

Insider Activity at Crexendo

In other Crexendo news, CEO Jeffrey G. Korn sold 7,000 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 249,730 shares in the company, valued at approximately $1,311,082.50. The trade was a 2.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO David Tzat-Kin Wang sold 6,000 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $5.15, for a total transaction of $30,900.00. Following the sale, the chief technology officer now owns 443,079 shares in the company, valued at $2,281,856.85. The trade was a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 131,960 shares of company stock worth $653,627 in the last three months. Insiders own 56.20% of the company’s stock.

Crexendo Company Profile

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.