CCC Intelligent Solutions (NYSE:CCCS) Shares Gap Up – Still a Buy?

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) shares gapped up prior to trading on Friday . The stock had previously closed at $11.79, but opened at $12.28. CCC Intelligent Solutions shares last traded at $12.26, with a volume of 359,074 shares traded.

Wall Street Analyst Weigh In

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

CCC Intelligent Solutions Trading Up 2.2 %

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 current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39. The business has a 50 day moving average price of $11.73 and a 200-day moving average price of $11.20.

CCC Intelligent Solutions (NYSE:CCCS) last posted its earnings results on Monday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $238.48 million during 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%. CCC Intelligent Solutions’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.03 EPS. Analysts forecast that CCC Intelligent Solutions Holdings Inc. will post 0.17 earnings per share for the current fiscal year.

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

Insider Buying and Selling at CCC Intelligent Solutions

In related news, insider Githesh Ramamurthy sold 9,348 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $11.50, for a total transaction of $107,502.00. Following the completion of the transaction, the insider now directly owns 4,798,040 shares in the company, valued at $55,177,460. This represents a 0.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Rodney Christo sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $11.80, for a total transaction of $885,000.00. The disclosure for this sale can be found here. Insiders sold a total of 443,153 shares of company stock worth $5,390,863 over the last three months. Corporate insiders own 6.67% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Advisors Asset Management Inc. increased its position in CCC Intelligent Solutions by 153.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock valued at $32,000 after acquiring an additional 1,729 shares during the period. Huntington National Bank raised its position in CCC Intelligent Solutions by 37.6% during the 3rd quarter. Huntington National Bank now owns 5,852 shares of the company’s stock worth $65,000 after purchasing an additional 1,599 shares during the last quarter. Marco Investment Management LLC acquired a new position in CCC Intelligent Solutions during the 3rd quarter worth about $113,000. KBC Group NV grew its position in shares of CCC Intelligent Solutions by 81.7% in the 3rd quarter. KBC Group NV now owns 10,314 shares of the company’s stock valued at $114,000 after buying an additional 4,637 shares during the last quarter. Finally, Tidal Investments LLC acquired a new stake in shares of CCC Intelligent Solutions in the third quarter valued at about $117,000. 95.79% of the stock is currently owned by institutional investors.

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.