Morgan Stanley Cuts CCC Intelligent Solutions (NYSE:CCCS) Price Target to $13.00

CCC Intelligent Solutions (NYSE:CCCS) had its target price dropped by stock analysts at Morgan Stanley from $15.00 to $13.00 in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 49.94% from the company’s previous close.

CCCS has been the subject of several other reports. JPMorgan Chase & Co. downgraded 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 set a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Piper Sandler reissued a “neutral” rating and set a $11.00 target price (down previously from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. Finally, Barclays cut their price objective on CCC Intelligent Solutions from $13.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.57.

CCC Intelligent Solutions Price Performance

Shares of CCC Intelligent Solutions stock opened at $8.67 on Wednesday. The firm has a market cap of $5.71 billion, a PE ratio of 433.72 and a beta of 0.77. CCC Intelligent Solutions has a twelve month low of $8.14 and a twelve month high of $12.88. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average price of $9.47 and a 200 day moving average price of $10.79.

CCC Intelligent Solutions declared that its Board of Directors has approved a share buyback program on Friday, December 20th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other CCC Intelligent Solutions news, 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 in the company, valued at $23,306,099.76. The trade was a 94.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Eileen Schloss sold 34,055 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $8.98, for a total transaction of $305,813.90. Following the completion of the sale, the director now directly owns 54,047 shares of the company’s stock, valued at approximately $485,342.06. This trade represents a 38.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,087,456 shares of company stock valued at $434,240,401. Insiders own 6.67% of the company’s stock.

Institutional Trading of CCC Intelligent Solutions

A number of hedge funds and other institutional investors have recently modified their holdings of CCCS. Eagle Bay Advisors LLC acquired a new stake in shares of CCC Intelligent Solutions during the fourth quarter valued at about $25,000. UMB Bank n.a. acquired a new stake in CCC Intelligent Solutions in the 4th quarter valued at approximately $28,000. TD Private Client Wealth LLC purchased a new stake in CCC Intelligent Solutions in the fourth quarter valued at approximately $31,000. Quarry LP acquired a new position in CCC Intelligent Solutions during the fourth quarter worth $36,000. Finally, GAMMA Investing LLC boosted its position in shares of CCC Intelligent Solutions by 286.9% during the fourth quarter. GAMMA Investing LLC now owns 3,343 shares of the company’s stock worth $39,000 after buying an additional 2,479 shares during the period. 95.79% of the stock is owned by institutional investors and hedge funds.

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.