Massachusetts Financial Services Co. MA Acquires Shares of 6,376,621 CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Massachusetts Financial Services Co. MA acquired a new stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,376,621 shares of the company’s stock, valued at approximately $70,844,000. Massachusetts Financial Services Co. MA owned approximately 1.03% of CCC Intelligent Solutions at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in CCC Intelligent Solutions by 17.7% in the 1st quarter. Vanguard Group Inc. now owns 28,034,997 shares of the company’s stock valued at $335,299,000 after purchasing an additional 4,225,920 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of CCC Intelligent Solutions by 37.8% during the 2nd quarter. Principal Financial Group Inc. now owns 25,250,230 shares of the company’s stock worth $280,530,000 after acquiring an additional 6,921,161 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of CCC Intelligent Solutions by 7.4% during the 1st quarter. Janus Henderson Group PLC now owns 12,469,424 shares of the company’s stock worth $149,133,000 after acquiring an additional 857,110 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of CCC Intelligent Solutions by 59.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,312,688 shares of the company’s stock worth $123,340,000 after acquiring an additional 3,861,020 shares in the last quarter. Finally, Conestoga Capital Advisors LLC boosted its stake in shares of CCC Intelligent Solutions by 26.9% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 8,009,885 shares of the company’s stock worth $88,990,000 after acquiring an additional 1,699,545 shares in the last quarter. Hedge funds and other institutional investors own 95.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Barrington Research reissued an “outperform” rating and set a $14.00 price target on shares of CCC Intelligent Solutions in a research note on Wednesday, July 31st. Jefferies Financial Group decreased their price target on CCC Intelligent Solutions from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Finally, Bank of America assumed coverage on CCC Intelligent Solutions in a research note on Tuesday, August 20th. They issued a “buy” rating and a $15.00 target price on the stock. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.78.

CCC Intelligent Solutions Price Performance

CCCS stock opened at $10.82 on Thursday. CCC Intelligent Solutions Holdings Inc. has a 1 year low of $9.79 and a 1 year high of $13.41. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.79 and a current ratio of 2.79. The stock’s 50 day moving average price is $10.72 and its 200 day moving average price is $11.23. The firm has a market cap of $6.73 billion, a P/E ratio of -51.52, a PEG ratio of 6.16 and a beta of 0.62.

CCC Intelligent Solutions (NYSE:CCCS) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $232.60 million during the quarter, compared to the consensus estimate of $230.16 million. CCC Intelligent Solutions had a return on equity of 5.16% and a net margin of 2.36%. CCC Intelligent Solutions’s revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.02 EPS. On average, sell-side analysts expect that CCC Intelligent Solutions Holdings Inc. will post 0.16 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 24,541 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.50, for a total value of $282,221.50. Following the completion of the transaction, the insider now directly owns 6,463,840 shares in the company, valued at approximately $74,334,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Rodney Christo sold 4,177 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $10.24, for a total transaction of $42,772.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Githesh Ramamurthy sold 24,541 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.50, for a total value of $282,221.50. Following the sale, the insider now owns 6,463,840 shares of the company’s stock, valued at $74,334,160. The disclosure for this sale can be found here. In the last three months, insiders sold 25,292,611 shares of company stock worth $285,547,265. Insiders own 6.67% of the company’s stock.

CCC Intelligent Solutions Profile

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.