Consensus Cloud Solutions (NASDAQ:CCSI) Stock Price Down 5.3% - Here's Why

Consensus Cloud Solutions, Inc. (NASDAQ:CCSI - Get Free Report)'s share price was down 5.3% during mid-day trading on Thursday . The company traded as low as $29.11 and last traded at $28.81. Approximately 105,026 shares were traded during trading, an increase of 1% from the average daily volume of 103,623 shares. The stock had previously closed at $30.44.

Analyst Upgrades and Downgrades

Several brokerages have commented on CCSI. Wedbush lifted their price target on Consensus Cloud Solutions from $24.00 to $32.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Oppenheimer boosted their price objective on shares of Consensus Cloud Solutions from $23.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. BTIG Research upped their price objective on Consensus Cloud Solutions from $30.00 to $32.00 and gave the company a "buy" rating in a report on Monday, November 11th. Finally, Citigroup boosted their price objective on Consensus Cloud Solutions from $19.00 to $20.00 and gave the company a "sell" rating in a research report on Friday, January 17th. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $26.40.

Consensus Cloud Solutions Stock Performance

The business's 50-day moving average price is $24.99 and its 200 day moving average price is $23.18. The company has a market cap of $535.58 million, a P/E ratio of 6.07 and a beta of 1.44.

Institutional Investors Weigh In On Consensus Cloud Solutions

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ieq Capital LLC acquired a new stake in Consensus Cloud Solutions in the fourth quarter valued at about $596,000. New York State Common Retirement Fund boosted its holdings in Consensus Cloud Solutions by 16.9% during the 4th quarter. New York State Common Retirement Fund now owns 82,136 shares of the company's stock worth $1,960,000 after acquiring an additional 11,900 shares during the last quarter. Chicago Capital LLC increased its position in shares of Consensus Cloud Solutions by 3.4% during the 4th quarter. Chicago Capital LLC now owns 116,329 shares of the company's stock valued at $2,776,000 after purchasing an additional 3,792 shares during the last quarter. R Squared Ltd purchased a new position in shares of Consensus Cloud Solutions during the 4th quarter valued at $42,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Consensus Cloud Solutions by 4.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,553 shares of the company's stock valued at $657,000 after purchasing an additional 1,284 shares in the last quarter. Institutional investors and hedge funds own 93.93% of the company's stock.

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.