Allspring Global Investments Holdings LLC Cuts Stock Holdings in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Allspring Global Investments Holdings LLC lowered its stake in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 14.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,064,442 shares of the company's stock after selling 1,378,065 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.23% of CCC Intelligent Solutions worth $93,562,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Adero Partners LLC grew its holdings in CCC Intelligent Solutions by 118.5% in the third quarter. Adero Partners LLC now owns 5,780,925 shares of the company's stock worth $63,879,000 after purchasing an additional 3,135,650 shares during the period. Norman Fields Gottscho Capital Management LLC grew its holdings in CCC Intelligent Solutions by 34.5% in the fourth quarter. Norman Fields Gottscho Capital Management LLC now owns 397,489 shares of the company's stock worth $4,663,000 after purchasing an additional 101,885 shares during the period. Teachers Retirement System of The State of Kentucky grew its holdings in CCC Intelligent Solutions by 45.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 165,040 shares of the company's stock worth $1,824,000 after purchasing an additional 51,607 shares during the period. Barclays PLC grew its holdings in CCC Intelligent Solutions by 155.7% in the third quarter. Barclays PLC now owns 109,020 shares of the company's stock worth $1,205,000 after purchasing an additional 66,386 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its holdings in CCC Intelligent Solutions by 12.4% in the third quarter. Oppenheimer Asset Management Inc. now owns 558,595 shares of the company's stock worth $6,172,000 after purchasing an additional 61,660 shares during the period. Hedge funds and other institutional investors own 95.79% of the company's stock.

CCC Intelligent Solutions Stock Performance

CCC Intelligent Solutions stock traded down $0.19 during midday trading on Friday, reaching $10.75. 2,578,835 shares of the company traded hands, compared to its average volume of 4,284,187. The firm has a market capitalization of $7.05 billion, a price-to-earnings ratio of 537.77 and a beta of 0.71. The business has a 50 day moving average of $11.48 and a two-hundred day moving average of $11.21. CCC Intelligent Solutions Holdings Inc. has a 12 month low of $9.79 and a 12 month high of $12.88. 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 authorized a stock buyback program on Friday, December 20th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Insider Activity at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, insider Mary Jo Prigge sold 80,724 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $12.52, for a total value of $1,010,664.48. Following the transaction, the insider now directly owns 97,268 shares in the company, valued at approximately $1,217,795.36. This trade represents a 45.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Rodney Christo sold 75,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $12.01, for a total transaction of $900,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 347,511 shares of company stock worth $4,267,236 over the last quarter. Company insiders own 6.67% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Morgan Stanley upgraded shares of CCC Intelligent Solutions from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Barrington Research reiterated an "outperform" rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Tuesday, October 29th. JPMorgan Chase & Co. upped their target price on shares of CCC Intelligent Solutions from $13.00 to $14.00 and gave the stock an "overweight" rating in a research note on Monday, December 9th. Piper Sandler reiterated a "neutral" rating and issued a $13.00 target price on shares of CCC Intelligent Solutions in a research note on Wednesday, December 11th. Finally, Barclays dropped their target price on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, CCC Intelligent Solutions currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.00.

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.