2Xideas AG purchased a new stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 215,148 shares of the company's stock, valued at approximately $2,524,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CCCS. Aster Capital Management DIFC Ltd acquired a new stake in shares of CCC Intelligent Solutions in the fourth quarter valued at about $726,000. Russell Investments Group Ltd. grew its stake in CCC Intelligent Solutions by 2.3% in the fourth quarter. Russell Investments Group Ltd. now owns 515,372 shares of the company's stock valued at $6,045,000 after purchasing an additional 11,785 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of CCC Intelligent Solutions by 37.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 2,712,578 shares of the company's stock worth $31,819,000 after purchasing an additional 743,063 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new stake in shares of CCC Intelligent Solutions during the 4th quarter worth approximately $871,000. Finally, Wells Fargo & Company MN raised its stake in shares of CCC Intelligent Solutions by 3.0% during the 4th quarter. Wells Fargo & Company MN now owns 903,510 shares of the company's stock worth $10,598,000 after purchasing an additional 26,694 shares in the last quarter. 95.79% of the stock is currently owned by institutional investors and hedge funds.
CCC Intelligent Solutions Stock Performance
CCC Intelligent Solutions stock traded up $0.12 during trading hours on Friday, hitting $8.93. The company had a trading volume of 2,239,158 shares, compared to its average volume of 4,545,273. CCC Intelligent Solutions Holdings Inc. has a one year low of $8.14 and a one year high of $12.88. The firm has a market cap of $5.87 billion, a PE ratio of 444.97 and a beta of 0.77. The firm has a 50-day moving average of $9.68 and a 200 day moving average of $10.87. 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 declared that its board has approved a stock repurchase plan on Friday, December 20th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on CCCS. Barrington Research restated an "outperform" rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Piper Sandler restated a "neutral" rating and set a $11.00 price objective (down from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. downgraded shares of CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and cut their target price for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, CCC Intelligent Solutions presently has a consensus rating of "Moderate Buy" and an average target price of $13.14.
Get Our Latest Analysis on CCC Intelligent Solutions
Insider Activity
In other CCC Intelligent Solutions news, CAO Rodney Christo sold 20,077 shares of CCC Intelligent Solutions stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.20, for a total value of $204,785.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric Wei sold 42,000,000 shares of the 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 transaction, the director now owns 2,258,343 shares in the company, valued at approximately $23,306,099.76. The trade was a 94.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,087,456 shares of company stock valued at $434,240,401. 6.67% of the stock is owned by company insiders.
About CCC Intelligent Solutions
(
Free Report)
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.
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