Norges Bank Takes $50.03 Million Position in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Norges Bank acquired a new stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,265,287 shares of the company's stock, valued at approximately $50,032,000. Norges Bank owned about 0.65% of CCC Intelligent Solutions as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Eagle Bay Advisors LLC bought a new stake in shares of CCC Intelligent Solutions in the 4th quarter valued at about $25,000. UMB Bank n.a. bought a new stake in CCC Intelligent Solutions in the fourth quarter valued at approximately $28,000. TD Private Client Wealth LLC acquired a new stake in CCC Intelligent Solutions in the fourth quarter worth $31,000. GAMMA Investing LLC boosted 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 purchasing an additional 2,479 shares in the last quarter. Finally, Financial Management Professionals Inc. acquired a new position in shares of CCC Intelligent Solutions in the 4th quarter valued at $54,000. Institutional investors and hedge funds own 95.79% of the company's stock.

Insider Buying and Selling at CCC Intelligent Solutions

In related news, Director Eric Wei sold 42,000,000 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $10.32, for a total value of $433,440,000.00. Following the transaction, the director now owns 2,258,343 shares in the company, valued at approximately $23,306,099.76. This represents a 94.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eileen Schloss sold 34,055 shares of CCC Intelligent Solutions stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $8.98, for a total value of $305,813.90. Following the sale, the director now directly owns 54,047 shares of the company's stock, valued at approximately $485,342.06. The trade was a 38.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,087,456 shares of company stock worth $434,240,401. Insiders own 6.67% of the company's stock.

CCC Intelligent Solutions Stock Up 8.9 %

NYSE:CCCS traded up $0.74 during trading hours on Wednesday, reaching $9.02. 9,775,974 shares of the stock were exchanged, compared to its average volume of 4,530,658. 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 Holdings Inc. has a twelve month low of $5.42 and a twelve month high of $12.88. The stock has a market cap of $5.93 billion, a PE ratio of 451.23 and a beta of 0.77. The firm has a 50 day moving average of $9.73 and a 200 day moving average of $10.88.

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

Analysts Set New Price Targets

Several research analysts have weighed in on CCCS shares. JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $14.00 to $11.00 in a report on Wednesday, February 26th. Piper Sandler reiterated a "neutral" rating and issued a $11.00 price objective (down from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. Finally, Barrington Research restated an "outperform" rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $13.14.

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.