CCC Intelligent Solutions (NYSE:CCCS) Reaches New 12-Month Low – Here’s What Happened

Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) reached a new 52-week low on Monday . The company traded as low as $8.97 and last traded at $9.06, with a volume of 11075462 shares trading hands. The stock had previously closed at $9.29.

Analyst Ratings Changes

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

CCC Intelligent Solutions Stock Performance

The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 453.23 and a beta of 0.73. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39. The stock’s 50 day moving average is $10.91 and its 200 day moving average is $11.20.

CCC Intelligent Solutions announced that its board has authorized a stock buyback program on Friday, December 20th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to purchase up to 4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at CCC Intelligent Solutions

In related news, Director Crescenzo Neil E. De purchased 100,000 shares of CCC Intelligent Solutions stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average price of $12.16 per share, with a total value of $1,216,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at $1,216,000. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rodney Christo sold 20,077 shares of CCC Intelligent Solutions stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.20, for a total value of $204,785.40. The disclosure for this sale can be found here. 6.67% of the stock is currently owned by corporate insiders.

Institutional Trading of CCC Intelligent Solutions

Large investors have recently modified their holdings of the stock. Baker Tilly Wealth Management LLC lifted its position in CCC Intelligent Solutions by 6.6% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 14,386 shares of the company’s stock worth $169,000 after purchasing an additional 888 shares during the period. Central Pacific Bank Trust Division lifted its holdings in shares of CCC Intelligent Solutions by 6.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 16,760 shares of the company’s stock worth $197,000 after acquiring an additional 960 shares during the period. CIBC Asset Management Inc boosted its position in shares of CCC Intelligent Solutions by 5.9% during the 4th quarter. CIBC Asset Management Inc now owns 19,046 shares of the company’s stock worth $223,000 after acquiring an additional 1,054 shares in the last quarter. Berry Wealth Group LP boosted its position in shares of CCC Intelligent Solutions by 5.8% during the 4th quarter. Berry Wealth Group LP now owns 20,224 shares of the company’s stock worth $237,000 after acquiring an additional 1,109 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in CCC Intelligent Solutions by 1.0% in the fourth quarter. Arizona State Retirement System now owns 117,507 shares of the company’s stock valued at $1,378,000 after acquiring an additional 1,150 shares during the last quarter. 95.79% of the stock is owned by institutional investors and hedge funds.

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.