Geode Capital Management LLC Buys 1,039,690 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Geode Capital Management LLC boosted its stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 16.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,204,260 shares of the company’s stock after acquiring an additional 1,039,690 shares during the period. Geode Capital Management LLC owned 1.15% of CCC Intelligent Solutions worth $79,627,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CCCS. Amalgamated Bank raised its position in shares of CCC Intelligent Solutions by 5.8% in the 3rd quarter. Amalgamated Bank now owns 23,722 shares of the company’s stock worth $262,000 after acquiring an additional 1,299 shares in the last quarter. Bradley Foster & Sargent Inc. CT lifted its stake in CCC Intelligent Solutions by 2.1% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 67,047 shares of the company’s stock valued at $745,000 after buying an additional 1,390 shares during the period. Hardy Reed LLC boosted its holdings in shares of CCC Intelligent Solutions by 7.1% during the 3rd quarter. Hardy Reed LLC now owns 21,540 shares of the company’s stock worth $238,000 after buying an additional 1,430 shares in the last quarter. Parkside Financial Bank & Trust grew its position in shares of CCC Intelligent Solutions by 15.2% during the 2nd quarter. Parkside Financial Bank & Trust now owns 11,849 shares of the company’s stock worth $132,000 after buying an additional 1,564 shares during the period. Finally, Huntington National Bank increased its stake in shares of CCC Intelligent Solutions by 37.6% in the 3rd quarter. Huntington National Bank now owns 5,852 shares of the company’s stock valued at $65,000 after acquiring an additional 1,599 shares in the last quarter. Institutional investors and hedge funds own 95.79% of the company’s stock.

CCC Intelligent Solutions Price Performance

CCCS opened at $12.05 on Friday. The firm’s fifty day moving average price is $11.73 and its two-hundred day moving average price is $11.20. The company has a market capitalization of $7.54 billion, a price-to-earnings ratio of 602.80, a P/E/G ratio of 6.80 and a beta of 0.71. 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 Holdings Inc. has a 1 year low of $9.79 and a 1 year high of $12.88.

CCC Intelligent Solutions (NYSE:CCCS) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. The business had revenue of $238.48 million during the quarter, compared to the consensus estimate of $237.41 million. During the same period in the prior year, the firm posted $0.03 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, analysts anticipate that CCC Intelligent Solutions Holdings Inc. will post 0.17 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

CCCS has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price target on shares of CCC Intelligent Solutions from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Barclays dropped their price target on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 29th. Piper Sandler reissued a “neutral” rating and issued a $13.00 price objective on shares of CCC Intelligent Solutions in a research note on Wednesday, December 11th. Barrington Research reaffirmed an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research report on Tuesday, October 29th. Finally, Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $14.00 to $15.00 in a research report on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.89.

Insider Buying and Selling

In other CCC Intelligent Solutions news, insider Githesh Ramamurthy sold 9,348 shares of CCC Intelligent Solutions stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $11.50, for a total value of $107,502.00. Following the sale, the insider now owns 4,798,040 shares of the company’s stock, valued at approximately $55,177,460. The trade was a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Rodney Christo sold 9,916 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were 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. Over the last three months, insiders have sold 443,153 shares of company stock worth $5,390,863. 6.67% of the stock is owned by company insiders.

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.