CCC Intelligent Solutions (NYSE:CCCS) Hits New 52-Week Low After Insider Selling

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) reached a new 52-week low on Tuesday following insider selling activity. The company traded as low as $9.76 and last traded at $9.81, with a volume of 933063 shares traded. The stock had previously closed at $10.04.

Specifically, Director Eric Wei sold 42,000,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 2,258,343 shares of the company’s stock, valued at approximately $23,306,099.76. The trade was a 94.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Rodney Christo sold 20,077 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.20, for a total value of $204,785.40. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

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

CCC Intelligent Solutions Trading Up 0.6 %

The company has a market capitalization of $6.38 billion, a PE ratio of 486.24 and a beta of 0.71. The stock’s fifty day moving average price is $11.01 and its two-hundred day moving average price is $11.21. 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 has authorized a stock repurchase plan on Friday, December 20th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its stake in CCC Intelligent Solutions by 4,172.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,837,354 shares of the company’s stock worth $115,394,000 after purchasing an additional 9,607,085 shares during the period. Jefferies Financial Group Inc. bought a new stake in CCC Intelligent Solutions in the 4th quarter worth about $58,080,000. Wasatch Advisors LP raised its holdings in shares of CCC Intelligent Solutions by 49.1% during the third quarter. Wasatch Advisors LP now owns 14,331,030 shares of the company’s stock valued at $158,358,000 after purchasing an additional 4,716,587 shares during the last quarter. Norges Bank bought a new position in shares of CCC Intelligent Solutions during the 4th quarter valued at $50,032,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in CCC Intelligent Solutions by 6.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 68,866,717 shares of the company’s stock worth $807,807,000 after purchasing an additional 4,060,284 shares during the last quarter. 95.79% of the stock is owned by hedge funds and other institutional investors.

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.