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

Consensus Cloud Solutions, Inc. (NASDAQ:CCSI - Get Free Report) 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 traded.

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

Institutional Investors Weigh In On Consensus Cloud Solutions

A number of institutional investors and hedge funds have recently bought and sold shares of CCSI. Marshall Wace LLP lifted its stake in Consensus Cloud Solutions by 437.2% in the 2nd quarter. Marshall Wace LLP now owns 682,669 shares of the company's stock valued at $11,728,000 after buying an additional 555,584 shares in the last quarter. Heron Bay Capital Management lifted its stake in shares of 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 purchasing an additional 428,232 shares during the period. AQR Capital Management LLC lifted its stake in shares of 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 purchasing an additional 360,476 shares during the period. Kent Lake Capital LLC purchased a new position in shares of Consensus Cloud Solutions during the 1st quarter worth $2,312,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Consensus Cloud Solutions by 165.1% during the 2nd quarter. Renaissance Technologies LLC now owns 116,900 shares of the company's stock worth $2,008,000 after purchasing an additional 72,800 shares during the period. Hedge funds and other institutional investors own 93.93% of the company's stock.

Consensus Cloud Solutions Trading Down 3.9 %

The company has a market cap of $483.39 million, a PE ratio of 5.33 and a beta of 1.38. The business has a 50 day simple moving average of $22.43 and a two-hundred day simple moving average of $19.82.

Consensus Cloud Solutions (NASDAQ:CCSI - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $87.50 million for the quarter, compared to analyst estimates of $87.10 million. On average, equities research analysts expect that Consensus Cloud Solutions, Inc. will post 4.86 earnings per share for the current fiscal year.

Consensus Cloud Solutions Company Profile

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.