CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,306,778 shares of the company's stock after buying an additional 57,692 shares during the period. Bank of New York Mellon Corp owned about 0.35% of CCC Intelligent Solutions worth $27,059,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Eagle Bay Advisors LLC acquired a new position in CCC Intelligent Solutions in the 4th quarter valued at $25,000. UMB Bank n.a. purchased a new stake in shares of CCC Intelligent Solutions in the fourth quarter valued at $28,000. Advisors Asset Management Inc. increased its stake in CCC Intelligent Solutions by 153.0% in the third quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company's stock valued at $32,000 after purchasing an additional 1,729 shares during the last quarter. GAMMA Investing LLC lifted its position in CCC Intelligent Solutions by 286.9% during the fourth quarter. GAMMA Investing LLC now owns 3,343 shares of the company's stock worth $39,000 after buying an additional 2,479 shares during the period. Finally, Financial Management Professionals Inc. acquired a new stake in CCC Intelligent Solutions in the 4th quarter worth about $54,000. Hedge funds and other institutional investors own 95.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CCCS. Morgan Stanley raised shares of CCC Intelligent Solutions from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $14.00 to $15.00 in a research note on Wednesday, November 13th. 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. Barrington Research reiterated an "outperform" rating and issued a $14.00 price target on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Finally, 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 report on Wednesday, February 26th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $13.38.

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CCC Intelligent Solutions Stock Down 0.3 %

NYSE CCCS traded down $0.03 during trading hours on Wednesday, hitting $9.18. The company had a trading volume of 9,292,425 shares, compared to its average volume of 6,124,779. CCC Intelligent Solutions Holdings Inc. has a fifty-two week low of $8.82 and a fifty-two week high of $12.88. The firm's 50 day moving average is $10.80 and its 200 day moving average is $11.17. 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 $6.03 billion, a price-to-earnings ratio of 458.98 and a beta of 0.73.

CCC Intelligent Solutions announced that its Board of Directors has initiated a share repurchase program on Friday, December 20th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to buy up to 4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Eric Wei sold 42,000,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was 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. This represents a 94.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Rodney Christo sold 20,077 shares of CCC Intelligent Solutions stock in a transaction that occurred on Monday, March 3rd. The stock was 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.

CCC Intelligent Solutions 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.