CCC Intelligent Solutions (NYSE:CCCS) Reaches New 1-Year Low After Insider Selling

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)’s stock price hit a new 52-week low on Tuesday after an insider sold shares in the company. The stock traded as low as $9.76 and last traded at $9.81, with a volume of 933063 shares trading hands. The stock had previously closed at $10.04.

Specifically, CAO Rodney Christo sold 20,077 shares of CCC Intelligent Solutions stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $10.20, for a total transaction of $204,785.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

CCCS has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut shares of CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $14.00 to $11.00 in a research note on Wednesday, February 26th. Piper Sandler reaffirmed a “neutral” rating and issued a $11.00 price objective (down previously from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday, February 26th. Barrington Research reissued an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Finally, Morgan Stanley upgraded CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $14.00 to $15.00 in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.38.

CCC Intelligent Solutions Stock Down 1.7 %

The firm’s fifty day simple moving average is $11.10 and its two-hundred day simple moving average is $11.23. The company has a market capitalization of $6.48 billion, a price-to-earnings ratio of 493.40 and a beta of 0.71. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39.

CCC Intelligent Solutions announced that its board has initiated a share repurchase plan on Friday, December 20th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On CCC Intelligent Solutions

Several large investors have recently made changes to their positions in the stock. Stephens Inc. AR increased its stake in CCC Intelligent Solutions by 47.1% during the 3rd quarter. Stephens Inc. AR now owns 25,296 shares of the company’s stock worth $280,000 after buying an additional 8,103 shares during the period. New York State Common Retirement Fund raised its stake in shares of CCC Intelligent Solutions by 1.6% in the third quarter. New York State Common Retirement Fund now owns 2,371,135 shares of the company’s stock valued at $26,201,000 after acquiring an additional 36,867 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in CCC Intelligent Solutions by 15.5% in the third quarter. Chicago Partners Investment Group LLC now owns 14,596 shares of the company’s stock valued at $162,000 after purchasing an additional 1,957 shares during the period. Janney Capital Management LLC acquired a new position in CCC Intelligent Solutions during the 3rd quarter worth $321,000. Finally, Harbor Capital Advisors Inc. increased its holdings in CCC Intelligent Solutions by 67.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 340,397 shares of the company’s stock worth $3,761,000 after purchasing an additional 136,854 shares during the period. 95.79% of the stock is currently owned by institutional investors and hedge funds.

About CCC Intelligent Solutions

CCC Intelligent Solutions Holdings Inc, operates as a software as a service company for the property and casualty insurance economy in the United States and China. The company's cloud-based software as a service platform connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence enabled digital workflow across the insurance economy, including insurers, repairers, automakers, parts suppliers, lenders and more.