The recent discovery of topologically nontrivial behavior in Co3Sn2S2 stimulated a notable interest in this itinerant ferromagnet (T-C = 174 K). The exact magnetic state remains ambiguous, with several reports indicating the existence of a second transition in the range 125-130 K, with antiferromagnetic and glassy phases proposed to coexist with the ferromagnetic phase. Using detailed angle-dependent dc and ac magnetization measurements on large, high-quality single crystals we reveal a highly anisotropic behavior of both the static and dynamic response of Co3Sn2S2. It is established that many observations related to sharp magnetization changes when B || c are influenced by the demagnetization factor of a sample. On the other hand, a genuine transition has been found at T-P = 128 K, with the magnetic response being strictly perpendicular to the c axis and several orders of magnitude smaller than for B || c. Calculations using density-functional theory indicate that the ground state magnetic structure consist of magnetic moments canted away from the c axis by a small angle (similar to 1.5 degrees). We argue that the second transition originates from a small additional canting of moments within the kagome plane, with two equivalent orientations for each spin.