CCC Intelligent Solutions (NYSE:CCCS) to Buyback $300.00 million in Outstanding Stock

CCC Intelligent Solutions (NYSE:CCCS) declared that its Board of Directors has authorized a stock buyback plan on Friday, December 20th, RTT News reports. The company plans to repurchase $300.00 million in shares. This repurchase authorization allows the company to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Barrington Research reaffirmed an “outperform” rating and set a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Tuesday, October 29th. JPMorgan Chase & Co. increased their price target on shares of CCC Intelligent Solutions from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Piper Sandler reiterated a “neutral” rating and issued a $13.00 price target on shares of CCC Intelligent Solutions in a report on Wednesday, December 11th. Morgan Stanley upgraded CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Finally, Barclays lowered their price target on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, CCC Intelligent Solutions currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.89.

CCC Intelligent Solutions Stock Performance

Shares of NYSE:CCCS opened at $12.05 on Friday. The business’s 50-day simple moving average is $11.73 and its 200 day simple moving average is $11.20. The company has a market cap of $7.54 billion, a P/E ratio of 602.80, a PEG ratio of 6.80 and a beta of 0.71. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19. CCC Intelligent Solutions has a one year low of $9.79 and a one year high of $12.88.

CCC Intelligent Solutions (NYSE:CCCS) last posted its earnings results on Monday, October 28th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $238.48 million for the quarter, compared to analysts’ expectations of $237.41 million. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 earnings per share. On average, sell-side analysts forecast that CCC Intelligent Solutions will post 0.17 earnings per share for the current fiscal year.

Insider Buying and Selling at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, insider Githesh Ramamurthy sold 9,348 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $11.50, for a total transaction of $107,502.00. Following the sale, the insider now owns 4,798,040 shares in the company, valued at $55,177,460. This represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mary Jo Prigge sold 2,489 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $12.00, for a total value of $29,868.00. Following the transaction, the insider now directly owns 97,268 shares in the company, valued at approximately $1,167,216. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 443,153 shares of company stock worth $5,390,863 in the last 90 days. 6.67% of the stock is owned by corporate insiders.

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.