Short Interest in Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) Drops By 7.6%

Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 517,300 shares, a drop of 7.6% from the October 15th total of 559,900 shares. Based on an average daily volume of 126,500 shares, the days-to-cover ratio is currently 4.1 days. Currently, 2.9% of the shares of the stock are short sold.

Institutional Trading of Consensus Cloud Solutions

A number of large investors have recently added to or reduced their stakes in CCSI. Heron Bay Capital Management increased its stake in Consensus Cloud Solutions by 63.7% in 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. Price T Rowe Associates Inc. MD increased its stake in Consensus Cloud Solutions by 15.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,994 shares of the company’s stock worth $492,000 after acquiring an additional 4,100 shares during the last quarter. Paloma Partners Management Co bought a new position in shares of Consensus Cloud Solutions during the 1st quarter valued at approximately $262,000. Kent Lake Capital LLC bought a new position in shares of Consensus Cloud Solutions during the 1st quarter valued at approximately $2,312,000. Finally, Janus Henderson Group PLC increased its position in shares of 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 valued at $25,185,000 after purchasing an additional 15,871 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Consensus Cloud Solutions Price Performance

NASDAQ:CCSI opened at $25.22 on Tuesday. Consensus Cloud Solutions has a 1 year low of $11.62 and a 1 year high of $28.09. The stock’s 50 day simple moving average is $22.71 and its two-hundred day simple moving average is $20.48. The company has a market cap of $486.75 million, a price-to-earnings ratio of 5.52 and a beta of 1.38.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CCSI. JPMorgan Chase & Co. downgraded Consensus Cloud Solutions from a “neutral” rating to an “underweight” rating and lifted their target price for the company from $19.00 to $21.00 in a research note on Monday, September 9th. BTIG Research lifted their target price on Consensus Cloud Solutions from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Wedbush lifted their target price on Consensus Cloud Solutions from $24.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Oppenheimer lifted their target price on Consensus Cloud Solutions from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $26.40.

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.