Vanguard Group Inc. Increases Stock Holdings in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Vanguard Group Inc. raised its position in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,387,172 shares of the company's stock after acquiring an additional 847,334 shares during the quarter. Vanguard Group Inc. owned approximately 7.83% of CCC Intelligent Solutions worth $602,772,000 as of its most recent SEC filing.

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

Remove Ads

Insider Transactions at CCC Intelligent Solutions

In other news, Director Eric Wei sold 42,000,000 shares of the company's stock in a transaction 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 legal filing with the Securities & Exchange Commission, which can be accessed 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. In the last three months, insiders have sold 42,059,978 shares of company stock worth $434,004,090. 6.67% of the stock is currently owned by insiders.

CCC Intelligent Solutions Trading Down 0.8 %

NYSE CCCS traded down $0.07 during trading hours on Friday, reaching $8.53. The company had a trading volume of 8,769,137 shares, compared to its average volume of 4,390,623. 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 has a market capitalization of $5.61 billion, a P/E ratio of 429.96 and a beta of 0.73. The stock has a 50-day moving average of $10.04 and a 200 day moving average of $10.98. CCC Intelligent Solutions Holdings Inc. has a 1-year low of $8.25 and a 1-year high of $12.88.

CCC Intelligent Solutions declared that its board has approved a stock repurchase program on Friday, December 20th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

CCCS has been the subject of a number of recent research reports. Barrington Research reaffirmed an "outperform" rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Piper Sandler reaffirmed a "neutral" rating and set a $11.00 target price (down from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. cut shares of CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and dropped their price target 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $13.14.

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.