CCC Intelligent Solutions’ (CCCS) “Neutral” Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of CCC Intelligent Solutions (NYSE:CCCS) in a research report report published on Wednesday morning,Benzinga reports. Piper Sandler currently has a $11.00 price target on the stock, down from their prior price target of $13.00.

Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. cut shares of CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $14.00 to $11.00 in a report on Wednesday. Barrington Research restated an “outperform” rating and set a $14.00 price target on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Morgan Stanley upgraded shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Finally, Barclays decreased their price target on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, CCC Intelligent Solutions presently has an average rating of “Moderate Buy” and an average target price of $13.38.

CCC Intelligent Solutions Stock Performance

Shares of CCCS opened at $10.19 on Wednesday. CCC Intelligent Solutions has a one year low of $9.79 and a one year high of $12.88. The company has a 50-day moving average of $11.14 and a two-hundred day moving average of $11.22. The stock has a market cap of $6.69 billion, a price-to-earnings ratio of 509.75 and a beta of 0.71. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.19 and a quick ratio of 3.19.

CCC Intelligent Solutions declared that its Board of Directors has authorized a stock repurchase plan on Friday, December 20th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to buy up to 4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, Director Crescenzo Neil E. De acquired 100,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were purchased at an average price of $12.16 per share, with a total value of $1,216,000.00. Following the completion of the transaction, the director now owns 100,000 shares in the company, valued at $1,216,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.67% of the company’s stock.

Hedge Funds Weigh In On CCC Intelligent Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCCS. Eagle Bay Advisors LLC bought a new position in shares of CCC Intelligent Solutions in the fourth quarter valued at approximately $25,000. UMB Bank n.a. bought a new position in shares of CCC Intelligent Solutions in the fourth quarter valued at approximately $28,000. TD Private Client Wealth LLC bought a new position in shares of CCC Intelligent Solutions in the fourth quarter valued at approximately $31,000. Advisors Asset Management Inc. raised its position in shares of CCC Intelligent Solutions by 153.0% in the third quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock valued at $32,000 after purchasing an additional 1,729 shares during the period. Finally, Quarry LP bought a new position in shares of CCC Intelligent Solutions in the fourth quarter valued at approximately $36,000. Institutional investors own 95.79% of the company’s stock.

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.