Zacks Investment Research Lowers Consensus Cloud Solutions (NASDAQ:CCSI) to Hold

Consensus Cloud Solutions (NASDAQ:CCSIGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Consensus Cloud Solutions Inc. is a provider of secure information-delivery services with Software-as-a-Service platform. It offers eFax, Consensus Unite, Consensus Signal and jSign. Consensus Cloud Solutions Inc. is based in LOS ANGELES. “

Several other equities analysts have also issued reports on CCSI. JMP Securities initiated coverage on shares of Consensus Cloud Solutions in a report on Thursday, March 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Wedbush cut their price objective on shares of Consensus Cloud Solutions from $75.00 to $67.00 in a report on Thursday, March 3rd.

Shares of Consensus Cloud Solutions stock traded down 0.23 on Friday, hitting 48.78. 65,806 shares of the company traded hands, compared to its average volume of 75,743. The stock’s 50 day moving average price is 55.18 and its 200-day moving average price is 57.65. Consensus Cloud Solutions has a 52 week low of 34.81 and a 52 week high of 69.31.

Consensus Cloud Solutions (NASDAQ:CCSIGet Rating) last issued its quarterly earnings data on Monday, May 16th. The company reported 1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of 1.29 by 0.04. The business had revenue of 90.93 million for the quarter, compared to analysts’ expectations of 90.94 million. Consensus Cloud Solutions’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, analysts forecast that Consensus Cloud Solutions will post 5.45 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Consensus Cloud Solutions in the first quarter worth $152,334,000. Vanguard Group Inc. purchased a new position in Consensus Cloud Solutions in the first quarter worth $104,765,000. Gates Capital Management Inc. purchased a new position in Consensus Cloud Solutions in the first quarter worth $56,532,000. State Street Corp purchased a new position in Consensus Cloud Solutions in the first quarter worth $38,562,000. Finally, Invesco Ltd. purchased a new position in Consensus Cloud Solutions in the first quarter worth $28,250,000. 72.76% of the stock is currently owned by institutional investors and hedge funds.

About Consensus Cloud Solutions (Get Rating)

Consensus Cloud Solutions, Inc, together with its subsidiaries, provides information delivery services with a software-as-a-service platform worldwide. Its products and solutions include eFax, an online faxing solution, as well as MyFax, MetroFax, Sfax, SRfax, and other brands; eFax Corporate, a digital cloud-fax technology; jsign, which provides electronic and digital signature solutions; Unite, a single platform that allows the user to choose between several protocols to send and receive healthcare information in an environment that can integrate into an existing electronic health record (EHR) system or stand-alone if no EHR is present; Signal, a solution that integrates with a hospital's EHR system and uses rules-based triggering logic to automatically send admit, discharge, and transfer notifications using cloud fax and direct secure messaging technology; and Clarity that transforms unstructured documents into structured actionable data.

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