Crexendo Chief Strategy Officer Sells $783,995 Stock By Investing.com

Anand Buch, Chief Strategy Officer at Crixendo (NASDAQ:), recently sold 159,999 shares of the company’s common stock, valued at approximately $783,995. The shares sold for $4.90 per share on December 16, 2024. The deal comes amid a strong period of performance for Crexendo, with the stock gaining a remarkable 61% over the past six months. according to InvestingPro To analyze, the company currently trades at a P/E ratio of 114.5x. Following this transaction, Buch has 553,502 shares directly.

In addition to the sale, Buch exercised stock options to acquire 159,999 shares at $0.91 per share, amounting to a total purchase value of $145,599. This exercise increased his total holdings to 788,312 shares prior to the sale.

In other recent news, Crexendo Inc. announced reported strong results for the third quarter of fiscal year 2024. The company saw a 13% increase in its revenues year over year, to $15.6 million, with its software division growing by 25%. Despite higher operating expenses, Crexendo achieved GAAP profitability for the fifth consecutive quarter, with net income of $148,000. Non-GAAP net income was reported at $1.7 million.

These latest developments also saw Crexendo’s cash and cash equivalents increase significantly to $15.5 million, representing a 200% improvement year-on-year. The company also announced a communications backlog of $77.4 million, an increase of 22% from the previous year. In terms of future expectations, Crexendo aims to reach 6 million users by early 2025, with ongoing development and support for the product.

However, it is worth noting that the company’s GAAP net income saw a decline compared to Q3 2023, excluding a one-time gain from the sale of the company’s offices. Non-GAAP net income and EBITDA also showed a decrease from the previous year. Despite this, Crexendo continues to take market share from competitors, with 60% of business from legacy customers and 40% from other cloud providers.

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