Morgan Stanley Issues Pessimistic Forecast for CCC Intelligent Solutions (NYSE:CCCS) Stock Price

CCC Intelligent Solutions (NYSE:CCCS - Free Report) had its price target cut by Morgan Stanley from $15.00 to $13.00 in a research note released on Wednesday, MarketBeat.com reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also issued reports on CCCS. Piper Sandler restated a "neutral" rating and issued a $11.00 price target (down from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. JPMorgan Chase & Co. cut CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $14.00 to $11.00 in a report on Wednesday, February 26th. Barclays dropped their price objective on shares of CCC Intelligent Solutions from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Monday, April 14th. Finally, Barrington Research reissued an "outperform" rating and issued a $14.00 price target on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.57.

CCC Intelligent Solutions Price Performance

CCCS stock traded down $0.21 during trading on Wednesday, hitting $8.46. The stock had a trading volume of 7,229,706 shares, compared to its average volume of 4,650,114. The company's 50-day moving average price is $9.42 and its two-hundred day moving average price is $10.78. CCC Intelligent Solutions has a twelve month low of $8.14 and a twelve month high of $12.88. The stock has a market capitalization of $5.57 billion, a P/E ratio of 423.21 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.

Insider Activity

In related news, CAO Rodney Christo sold 5,846 shares of the firm's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $9.15, for a total transaction of $53,490.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric Wei sold 42,000,000 shares of the business's stock in a transaction dated 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 in the company, valued at $23,306,099.76. This trade represents a 94.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,087,456 shares of company stock valued at $434,240,401. 6.67% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CCC Intelligent Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCCS. Eagle Bay Advisors LLC acquired a new stake in shares of CCC Intelligent Solutions in the fourth quarter valued at $25,000. UMB Bank n.a. purchased a new stake in CCC Intelligent Solutions during the 4th quarter worth about $28,000. TD Private Client Wealth LLC acquired a new stake in CCC Intelligent Solutions in the 4th quarter valued at about $31,000. Quarry LP purchased a new position in shares of CCC Intelligent Solutions in the 4th quarter valued at about $36,000. Finally, GAMMA Investing LLC grew its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 95.79% of the company's stock.

CCC Intelligent Solutions Company 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.