CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) have received an average recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $14.00.

Several analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of CCC Intelligent Solutions from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Barrington Research reaffirmed an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Tuesday, October 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $13.00 target price on shares of CCC Intelligent Solutions in a research note on Wednesday, December 11th. Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $14.00 to $15.00 in a research note on Wednesday, November 13th. Finally, Barclays lowered their target price on shares of 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.

CCC Intelligent Solutions Stock Down 1.7 %

CCCS stock opened at $10.75 on Friday. The company’s 50 day simple moving average is $11.48 and its 200-day simple moving average is $11.21. The firm has a market capitalization of $7.05 billion, a PE ratio of 537.77 and a beta of 0.71. CCC Intelligent Solutions has a 12 month low of $9.79 and a 12 month high of $12.88. 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 has authorized a stock buyback plan on Friday, December 20th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, insider Mary Jo Prigge sold 19,276 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $12.67, for a total value of $244,226.92. Following the transaction, the insider now owns 97,268 shares in the company, valued at $1,232,385.56. The trade was a 16.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Rodney Christo sold 9,916 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $12.67, for a total transaction of $125,635.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 347,511 shares of company stock worth $4,267,236. 6.67% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CCC Intelligent Solutions

A number of institutional investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. lifted its holdings in CCC Intelligent Solutions by 6.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 68,866,717 shares of the company’s stock worth $807,807,000 after buying an additional 4,060,284 shares in the last quarter. Vanguard Group Inc. lifted its holdings in CCC Intelligent Solutions by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 51,387,172 shares of the company’s stock worth $602,772,000 after buying an additional 847,334 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in CCC Intelligent Solutions by 1.7% in the 4th quarter. Principal Financial Group Inc. now owns 26,939,551 shares of the company’s stock worth $316,001,000 after buying an additional 455,040 shares in the last quarter. Wasatch Advisors LP increased its position in shares of CCC Intelligent Solutions by 49.1% in 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 last quarter. Finally, Conestoga Capital Advisors LLC increased its position in shares of CCC Intelligent Solutions by 29.0% in 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 last quarter. Institutional investors and hedge funds own 95.79% of the company’s stock.

CCC Intelligent Solutions Company 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.