CCC Intelligent Solutions (NYSE:CCCS) Shares Gap Up - What's Next?

Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $11.79, but opened at $12.28. CCC Intelligent Solutions shares last traded at $12.26, with a volume of 359,074 shares.

Analysts Set New Price Targets

CCCS has been the topic of a number of research analyst reports. Piper Sandler reissued a "neutral" rating and set a $13.00 price objective on shares of CCC Intelligent Solutions in a research report on Wednesday, December 11th. Barrington Research reiterated an "outperform" rating and set a $14.00 price target on shares of CCC Intelligent Solutions in a research report on Tuesday, October 29th. JPMorgan Chase & Co. raised their price objective on shares of CCC Intelligent Solutions from $13.00 to $14.00 and gave the stock an "overweight" rating in a report on Monday, December 9th. Morgan Stanley upgraded CCC Intelligent Solutions from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Finally, Barclays decreased their target price on CCC Intelligent Solutions from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, CCC Intelligent Solutions currently has an average rating of "Moderate Buy" and an average price target of $13.89.

CCC Intelligent Solutions Stock Up 2.2 %

The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $7.54 billion, a PE ratio of 602.80, a price-to-earnings-growth ratio of 6.80 and a beta of 0.71. The company's fifty day moving average price is $11.73 and its 200-day moving average price is $11.20.

CCC Intelligent Solutions (NYSE:CCCS - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.01. The business had revenue of $238.48 million during the quarter, compared to analysts' expectations of $237.41 million. CCC Intelligent Solutions had a return on equity of 5.35% and a net margin of 5.02%. The firm's quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 earnings per share. Analysts forecast that CCC Intelligent Solutions Holdings Inc. will post 0.17 earnings per share for the current year.

CCC Intelligent Solutions declared that its Board of Directors has authorized a share repurchase program on Friday, December 20th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Activity at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, insider Githesh Ramamurthy sold 9,348 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $11.50, for a total value of $107,502.00. Following the transaction, the insider now directly owns 4,798,040 shares in the company, valued at approximately $55,177,460. This trade represents a 0.19 % 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, insider Mary Jo Prigge sold 2,489 shares of the business's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $12.00, for a total transaction of $29,868.00. Following the sale, the insider now directly owns 97,268 shares of the company's stock, valued at approximately $1,167,216. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 443,153 shares of company stock valued at $5,390,863. 6.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CCCS. Synovus Financial Corp increased its stake in shares of CCC Intelligent Solutions by 1.6% in the third quarter. Synovus Financial Corp now owns 228,404 shares of the company's stock worth $2,524,000 after purchasing an additional 3,627 shares in the last quarter. Tidal Investments LLC purchased a new stake in CCC Intelligent Solutions in the 3rd quarter worth $117,000. Sanctuary Advisors LLC bought a new stake in CCC Intelligent Solutions during the third quarter valued at about $136,000. Barclays PLC lifted its position in shares of CCC Intelligent Solutions by 155.7% in the third quarter. Barclays PLC now owns 109,020 shares of the company's stock valued at $1,205,000 after acquiring an additional 66,386 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of 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 acquiring an additional 51,607 shares during the period. 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.