CCC Intelligent Solutions (NYSE:CCCS) Price Target Cut to $11.00 by Analysts at Barclays

CCC Intelligent Solutions (NYSE:CCCS - Free Report) had its price target cut by Barclays from $13.00 to $11.00 in a report published on Monday,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. downgraded CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and reduced their target price for the company from $14.00 to $11.00 in a report on Wednesday, February 26th. Barrington Research reaffirmed an "outperform" rating and set a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Finally, Piper Sandler reissued a "neutral" rating and issued a $11.00 target price (down from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.57.

CCC Intelligent Solutions Price Performance

Shares of NYSE CCCS traded down $0.10 during mid-day trading on Monday, reaching $8.67. 5,520,858 shares of the company traded hands, compared to its average volume of 4,635,604. The firm has a market cap of $5.71 billion, a PE ratio of 433.72 and a beta of 0.77. 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 has a fifty-two week low of $8.14 and a fifty-two week high of $12.88. The stock has a fifty day simple moving average of $9.42 and a 200-day simple moving average of $10.78.

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

Insider Buying and Selling at CCC Intelligent Solutions

In other news, Director Eric Wei sold 42,000,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the transaction, the director now directly owns 2,258,343 shares of the company's stock, valued at approximately $23,306,099.76. This trade represents a 94.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Rodney Christo sold 20,077 shares of the business's stock in a transaction that occurred 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. Insiders have sold 42,087,456 shares of company stock worth $434,240,401 over the last 90 days. Company insiders own 6.67% of the company's stock.

Institutional Investors Weigh In On CCC Intelligent Solutions

Several hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its holdings in CCC Intelligent Solutions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 26,484,511 shares of the company's stock valued at $292,654,000 after acquiring an additional 1,234,281 shares during the last quarter. Stifel Financial Corp raised its stake in CCC Intelligent Solutions by 12.5% during the third quarter. Stifel Financial Corp now owns 162,076 shares of the company's stock worth $1,791,000 after buying an additional 18,062 shares during the last quarter. State Street Corp lifted its holdings in CCC Intelligent Solutions by 32.2% in the third quarter. State Street Corp now owns 7,446,518 shares of the company's stock valued at $82,284,000 after buying an additional 1,815,816 shares during the period. XTX Topco Ltd acquired a new stake in CCC Intelligent Solutions during the 3rd quarter worth about $292,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of CCC Intelligent Solutions by 2.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 164,208 shares of the company's stock valued at $1,814,000 after purchasing an additional 3,800 shares in the last quarter. 95.79% of the stock is currently owned by institutional investors and hedge funds.

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.