CCC Intelligent Solutions (NYSE:CCCS) Shares Down 3.1% – Here’s What Happened

Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) dropped 3.1% on Wednesday . The stock traded as low as $8.79 and last traded at $8.78. Approximately 4,022,365 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 6,748,089 shares. The stock had previously closed at $9.06.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CCCS. Piper Sandler restated a “neutral” rating and set a $11.00 price target (down previously from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. JPMorgan Chase & Co. downgraded CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $14.00 to $11.00 in a report on Wednesday, February 26th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $14.00 price target on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, CCC Intelligent Solutions presently has an average rating of “Moderate Buy” and a consensus price target of $13.14.

CCC Intelligent Solutions Stock Down 1.9 %

The firm’s fifty day simple moving average is $10.15 and its 200-day simple moving average is $11.01. The company has a market cap of $5.85 billion, a PE ratio of 444.72 and a beta of 0.73. 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 approved a share repurchase plan on Friday, December 20th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other CCC Intelligent Solutions news, CAO Rodney Christo sold 20,077 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $10.20, for a total transaction of $204,785.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Eric Wei sold 42,000,000 shares of CCC Intelligent Solutions stock in a transaction that occurred on 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 completion of the transaction, the director now 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,059,978 shares of company stock worth $434,004,090. 6.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CCC Intelligent Solutions

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

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.