CCC Intelligent Solutions (NYSE:CCCS) Sets New 1-Year Low - Here's Why

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Get Free Report) shares hit a new 52-week low during trading on Monday . The company traded as low as $8.97 and last traded at $9.06, with a volume of 11075462 shares traded. The stock had previously closed at $9.29.

Analyst Upgrades and Downgrades

CCCS has been the topic of a number of analyst reports. Piper Sandler reissued 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. Barrington Research reaffirmed an "outperform" rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research report on Monday, February 24th. Finally, JPMorgan Chase & Co. cut CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $14.00 to $11.00 in a research report on Wednesday, February 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, CCC Intelligent Solutions has an average rating of "Moderate Buy" and a consensus price target of $13.14.

CCC Intelligent Solutions Price Performance

The firm has a fifty day moving average price of $10.70 and a two-hundred day moving average price of $11.14. The stock has a market capitalization of $6.13 billion, a P/E ratio of 465.98 and a beta of 0.73. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19.

Remove Ads

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

Insider Transactions at CCC Intelligent Solutions

In other news, Director Crescenzo Neil E. De acquired 100,000 shares of the firm's stock in a transaction on Friday, December 20th. The stock was acquired at an average price of $12.16 per share, with a total value of $1,216,000.00. Following the completion of the purchase, the director now directly owns 100,000 shares in the company, valued at approximately $1,216,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric Wei sold 42,000,000 shares of the firm'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 completion of the sale, the director now directly owns 2,258,343 shares of the company's stock, valued at approximately $23,306,099.76. The trade was a 94.90 % decrease in their position. The disclosure for this sale can be found here. 6.67% of the stock is currently owned by company insiders.

Institutional Trading of CCC Intelligent Solutions

Several institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank increased its position in shares of CCC Intelligent Solutions by 5.8% during the third quarter. Amalgamated Bank now owns 23,722 shares of the company's stock worth $262,000 after acquiring an additional 1,299 shares during the period. Principal Financial Group Inc. increased its position in shares of CCC Intelligent Solutions by 4.9% during the third quarter. Principal Financial Group Inc. now owns 26,484,511 shares of the company's stock worth $292,654,000 after acquiring an additional 1,234,281 shares during the period. Atria Investments Inc increased its position in shares of CCC Intelligent Solutions by 13.6% during the third quarter. Atria Investments Inc now owns 77,427 shares of the company's stock worth $856,000 after acquiring an additional 9,287 shares during the period. State of New Jersey Common Pension Fund D increased its position in shares of CCC Intelligent Solutions by 12.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 183,835 shares of the company's stock worth $2,031,000 after acquiring an additional 21,017 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of CCC Intelligent Solutions by 5.2% during the third quarter. Victory Capital Management Inc. now owns 52,720 shares of the company's stock worth $583,000 after acquiring an additional 2,626 shares during the period. Institutional investors own 95.79% of the company's stock.

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.