Consensus Cloud Solutions (NASDAQ:CCSI) Shares Gap Up After Analyst Upgrade

Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) shares gapped up before the market opened on Friday after Wedbush raised their price target on the stock from $24.00 to $32.00. The stock had previously closed at $26.08, but opened at $27.77. Wedbush currently has an outperform rating on the stock. Consensus Cloud Solutions shares last traded at $25.95, with a volume of 48,048 shares.

CCSI has been the topic of a number of other reports. JPMorgan Chase & Co. lowered Consensus Cloud Solutions from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $19.00 to $21.00 in a research note on Monday, September 9th. Oppenheimer increased their price objective on Consensus Cloud Solutions from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday. Finally, BTIG Research upgraded Consensus Cloud Solutions from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $26.00.

Hedge Funds Weigh In On Consensus Cloud Solutions

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC grew its position in Consensus Cloud Solutions by 1.0% during the 1st quarter. Janus Henderson Group PLC now owns 1,587,963 shares of the company’s stock worth $25,185,000 after acquiring an additional 15,871 shares during the last quarter. Heron Bay Capital Management grew its position in Consensus Cloud Solutions by 63.7% during the 1st quarter. Heron Bay Capital Management now owns 1,100,425 shares of the company’s stock worth $17,453,000 after acquiring an additional 428,232 shares during the last quarter. Marshall Wace LLP grew its position in Consensus Cloud Solutions by 437.2% during the 2nd quarter. Marshall Wace LLP now owns 682,669 shares of the company’s stock worth $11,728,000 after acquiring an additional 555,584 shares during the last quarter. AQR Capital Management LLC grew its position in Consensus Cloud Solutions by 115.4% during the 2nd quarter. AQR Capital Management LLC now owns 672,803 shares of the company’s stock worth $11,041,000 after acquiring an additional 360,476 shares during the last quarter. Finally, Rice Hall James & Associates LLC grew its position in Consensus Cloud Solutions by 7.1% during the 3rd quarter. Rice Hall James & Associates LLC now owns 217,086 shares of the company’s stock worth $5,112,000 after acquiring an additional 14,406 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors.

Consensus Cloud Solutions Stock Performance

The firm has a 50-day moving average of $22.43 and a 200-day moving average of $19.82. The firm has a market capitalization of $483.47 million, a P/E ratio of 5.33 and a beta of 1.38.

Consensus Cloud Solutions (NASDAQ:CCSI) last released its quarterly earnings data on Thursday, August 8th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.15. Consensus Cloud Solutions had a negative return on equity of 57.77% and a net margin of 25.72%. The business had revenue of $87.50 million during the quarter, compared to analysts’ expectations of $87.10 million. Equities analysts anticipate that Consensus Cloud Solutions, Inc. will post 4.86 EPS for the current fiscal year.

About Consensus Cloud Solutions

Consensus Cloud Solutions, Inc, together with its subsidiaries, provides information delivery services with a software-as-a-service platform worldwide. The company offers eFax Corporate, a digital cloud-fax technology; Unite, a single platform that allows the user to choose between various protocols to send and receive healthcare information and can integrate into an existing electronic health record system or stand-alone if no EHR is present.