CCC Intelligent Solutions (NYSE:CCCS) Hits New 52-Week Low Following Insider Selling

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday following insider selling activity. The stock traded as low as $9.76 and last traded at $9.81, with a volume of 933063 shares. The stock had previously closed at $10.04.

Specifically, Director Eric Wei sold 42,000,000 shares of CCC Intelligent Solutions 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 directly owns 2,258,343 shares in the company, valued at $23,306,099.76. The trade was a 94.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Rodney Christo sold 20,077 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.20, for a total transaction of $204,785.40. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CCCS. Barrington Research restated an "outperform" rating and set a $14.00 price target on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Morgan Stanley upgraded CCC Intelligent Solutions from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $14.00 to $15.00 in a research note on Wednesday, November 13th. Piper Sandler reaffirmed a "neutral" rating and set a $11.00 price target (down previously from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $14.00 to $11.00 in a report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $13.38.

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CCC Intelligent Solutions Stock Down 0.6 %

The stock has a fifty day simple moving average of $10.96 and a two-hundred day simple moving average of $11.20. The firm has a market cap of $6.11 billion, a PE ratio of 464.73 and a beta of 0.73. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39.

CCC Intelligent Solutions declared that its Board of Directors has approved a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Institutional Trading of CCC Intelligent Solutions

A number of hedge funds and other institutional investors have recently bought and sold shares of CCCS. Price T Rowe Associates Inc. MD grew its position in shares of CCC Intelligent Solutions by 4,172.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,837,354 shares of the company's stock valued at $115,394,000 after purchasing an additional 9,607,085 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in CCC Intelligent Solutions during the fourth quarter worth about $58,080,000. Wasatch Advisors LP grew its position in CCC Intelligent Solutions by 49.1% during the third quarter. Wasatch Advisors LP now owns 14,331,030 shares of the company's stock worth $158,358,000 after buying an additional 4,716,587 shares in the last quarter. Norges Bank bought a new stake in shares of CCC Intelligent Solutions during the 4th quarter valued at about $50,032,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of CCC Intelligent Solutions by 6.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 68,866,717 shares of the company's stock valued at $807,807,000 after acquiring an additional 4,060,284 shares during the last quarter. 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.