CCC Intelligent Solutions (NYSE:CCCS) Reaches New 52-Week Low on Insider Selling

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)’s stock price reached a new 52-week low during mid-day trading on Tuesday after an insider sold shares in the company. 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, CAO Rodney Christo sold 20,077 shares of CCC Intelligent Solutions stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.20, for a total value of $204,785.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

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

CCC Intelligent Solutions Price Performance

The firm’s 50 day simple moving average is $11.10 and its 200 day simple moving average is $11.23. The company has a market capitalization of $6.48 billion, a PE ratio of 493.40 and a beta of 0.71. 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 of Directors has authorized a stock buyback program on Friday, December 20th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Trading of CCC Intelligent Solutions

A number of hedge funds have recently added to or reduced their stakes in CCCS. Eagle Bay Advisors LLC bought a new position in CCC Intelligent Solutions in the fourth quarter worth approximately $25,000. UMB Bank n.a. purchased a new position in shares of CCC Intelligent Solutions in the 4th quarter valued at $28,000. TD Private Client Wealth LLC bought a new position in shares of CCC Intelligent Solutions in the 4th quarter worth $31,000. Advisors Asset Management Inc. lifted its stake in shares of CCC Intelligent Solutions by 153.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock worth $32,000 after purchasing an additional 1,729 shares during the last quarter. Finally, Quarry LP bought a new stake in CCC Intelligent Solutions during the fourth quarter valued at about $36,000. 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.