CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) Director Eric Wei Sells 42,000,000 Shares

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) Director Eric Wei sold 42,000,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the sale, the director now owns 2,258,343 shares of the company’s stock, valued at approximately $23,306,099.76. This represents a 94.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

CCC Intelligent Solutions Trading Up 0.6 %

CCC Intelligent Solutions stock opened at $9.72 on Thursday. CCC Intelligent Solutions Holdings Inc. has a one year low of $9.46 and a one year high of $12.88. The company’s fifty day moving average price is $11.01 and its two-hundred day moving average price is $11.21. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.19 and a quick ratio of 3.19. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of 486.24 and a beta of 0.71.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Barrington Research reiterated an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a research report on Monday, February 24th. Piper Sandler reiterated a “neutral” rating and set a $11.00 price objective (down from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday, February 26th. JPMorgan Chase & Co. downgraded CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. Finally, Morgan Stanley raised CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and upped their target price for the stock 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $13.38.

Institutional Investors Weigh In On CCC Intelligent Solutions

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Eagle Bay Advisors LLC acquired a new position in CCC Intelligent Solutions during the fourth quarter valued at approximately $25,000. UMB Bank n.a. bought a new stake in shares of CCC Intelligent Solutions during the 4th quarter worth $28,000. TD Private Client Wealth LLC acquired a new position in CCC Intelligent Solutions in the 4th quarter valued at $31,000. Advisors Asset Management Inc. grew its stake in CCC Intelligent Solutions by 153.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock valued at $32,000 after buying an additional 1,729 shares during the last quarter. Finally, Quarry LP bought a new position in CCC Intelligent Solutions in the 4th quarter worth $36,000. 95.79% of the stock is currently 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.