PNC Financial Services Group Inc. Sells 39,311 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

PNC Financial Services Group Inc. cut its stake in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 58.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,715 shares of the company’s stock after selling 39,311 shares during the period. PNC Financial Services Group Inc.’s holdings in CCC Intelligent Solutions were worth $325,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CCCS. Principal Financial Group Inc. raised its stake in shares of CCC Intelligent Solutions by 1.7% during the 4th quarter. Principal Financial Group Inc. now owns 26,939,551 shares of the company’s stock worth $316,001,000 after purchasing an additional 455,040 shares during the period. Wasatch Advisors LP raised its stake in shares of CCC Intelligent Solutions by 49.1% during the 3rd quarter. Wasatch Advisors LP now owns 14,331,030 shares of the company’s stock worth $158,358,000 after purchasing an additional 4,716,587 shares during the period. Conestoga Capital Advisors LLC raised its stake in shares of CCC Intelligent Solutions by 29.0% during the 4th quarter. Conestoga Capital Advisors LLC now owns 12,261,035 shares of the company’s stock worth $143,822,000 after purchasing an additional 2,752,950 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of CCC Intelligent Solutions by 35.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,648,957 shares of the company’s stock worth $95,571,000 after purchasing an additional 2,272,336 shares during the period. Finally, State Street Corp raised its stake in shares of CCC Intelligent Solutions by 32.2% during the 3rd quarter. State Street Corp now owns 7,446,518 shares of the company’s stock worth $82,284,000 after purchasing an additional 1,815,816 shares during the period. 95.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $14.00 to $11.00 in a report on Wednesday, February 26th. Barrington Research reissued an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Finally, Piper Sandler reissued 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. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, CCC Intelligent Solutions currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.14.

CCC Intelligent Solutions Trading Down 0.6 %

Shares of CCCS opened at $9.00 on Friday. The business’s 50-day moving average price is $10.44 and its 200-day moving average price is $11.08. CCC Intelligent Solutions Holdings Inc. has a twelve month low of $8.83 and a twelve month high of $12.88. The stock has a market cap of $5.92 billion, a PE ratio of 450.23 and a beta of 0.73. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.39.

CCC Intelligent Solutions announced that its Board of Directors has initiated a stock buyback program on Friday, December 20th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy up to 4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CAO Rodney Christo sold 20,077 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.20, for a total value of $204,785.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Eileen Schloss sold 34,055 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $8.98, for a total value of $305,813.90. Following the completion of the sale, the director now directly owns 54,047 shares of the company’s stock, valued at approximately $485,342.06. This represents a 38.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,054,132 shares of company stock worth $433,950,599 over the last ninety days. Company insiders own 6.67% 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.