We have studied the magnetic properties of free cobalt clusters in two semi-independent Stern-Gerlach deflection experiments at temperatures between 60 and 307 K. We find that clusters consisting of 13 to 200 cobalt atoms exhibit behavior that is entirely consistent with superparamagnetism, though complicated by finite-system fluctuations in cluster temperature. By fitting the data to the Langevin function, we report magnetic moments per atom for each cobalt cluster size and compare the results of our two measurements and all those performed previously. In addition to a gradual decrease in moment per atom with increasing size, there are oscillations that appear to be caused by geometrical shell structure. We discuss our observations in light of the two competing models for Langevin-like magnetization behavior in free clusters, superparamagnetism and adiabatic magnetization, and conclude that the evidence strongly supports the superparamagnetic model.