Bank of New York Mellon Corp Has $27.06 Million Stock Holdings in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Bank of New York Mellon Corp boosted its stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 2.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,306,778 shares of the company’s stock after purchasing an additional 57,692 shares during the period. Bank of New York Mellon Corp owned about 0.35% of CCC Intelligent Solutions worth $27,059,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Adero Partners LLC increased its position in CCC Intelligent Solutions by 118.5% during the 3rd quarter. Adero Partners LLC now owns 5,780,925 shares of the company’s stock valued at $63,879,000 after purchasing an additional 3,135,650 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in shares of CCC Intelligent Solutions by 45.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 165,040 shares of the company’s stock worth $1,824,000 after purchasing an additional 51,607 shares in the last quarter. Norman Fields Gottscho Capital Management LLC grew its stake in shares of CCC Intelligent Solutions by 34.5% in the 4th quarter. Norman Fields Gottscho Capital Management LLC now owns 397,489 shares of the company’s stock valued at $4,663,000 after buying an additional 101,885 shares during the period. Barclays PLC raised its stake in CCC Intelligent Solutions by 155.7% during the 3rd quarter. Barclays PLC now owns 109,020 shares of the company’s stock worth $1,205,000 after buying an additional 66,386 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its position in shares of CCC Intelligent Solutions by 12.4% during the third quarter. Oppenheimer Asset Management Inc. now owns 558,595 shares of the company’s stock worth $6,172,000 after purchasing an additional 61,660 shares during the period. Institutional investors own 95.79% of the company’s stock.

Insider Activity

In related news, Director Eric Wei sold 42,000,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.32, for a total value of $433,440,000.00. Following the sale, the director now directly owns 2,258,343 shares of the company’s stock, valued at $23,306,099.76. This trade represents a 94.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Crescenzo Neil E. De acquired 100,000 shares of the stock in a transaction dated Friday, December 20th. The shares were bought at an average price of $12.16 per share, for a total transaction of $1,216,000.00. Following the transaction, the director now owns 100,000 shares in the company, valued at approximately $1,216,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 6.67% of the stock is owned by company insiders.

CCC Intelligent Solutions Price Performance

Shares of NYSE CCCS opened at $9.29 on Friday. The stock has a fifty day moving average of $10.91 and a 200-day moving average of $11.19. CCC Intelligent Solutions Holdings Inc. has a fifty-two week low of $8.98 and a fifty-two week high of $12.88. The stock has a market cap of $6.11 billion, a PE ratio of 464.73 and a beta of 0.73. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19.

CCC Intelligent Solutions declared that its board has approved a share buyback plan on Friday, December 20th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CCCS. Piper Sandler reissued a “neutral” rating and set a $11.00 target price (down from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. Morgan Stanley upgraded CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $14.00 to $15.00 in a research note on Wednesday, November 13th. Barrington Research restated an “outperform” rating and set a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. downgraded CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.38.

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.