CCC Intelligent Solutions (NYSE:CCCS) Shares Gap Down After Analyst Downgrade

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Get Free Report) gapped down before the market opened on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $14.00 to $13.00. The stock had previously closed at $10.95, but opened at $10.50. JPMorgan Chase & Co. currently has an overweight rating on the stock. CCC Intelligent Solutions shares last traded at $10.90, with a volume of 709,709 shares traded.

CCCS has been the subject of several other reports. Barrington Research reaffirmed an "outperform" rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Tuesday. Barclays reduced their price objective on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Tuesday. Jefferies Financial Group dropped their target price on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Wednesday, July 31st. Finally, Bank of America initiated coverage on shares of CCC Intelligent Solutions in a research report on Tuesday, August 20th. They set a "buy" rating and a $15.00 price target for the company. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.56.

Insider Transactions at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, insider Michael John Silva sold 29,022 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $10.75, for a total value of $311,986.50. Following the completion of the sale, the insider now owns 30,172 shares in the company, valued at approximately $324,349. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Rodney Christo sold 4,177 shares of CCC Intelligent Solutions stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $10.24, for a total transaction of $42,772.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael John Silva sold 29,022 shares of the business's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $10.75, for a total transaction of $311,986.50. Following the transaction, the insider now directly owns 30,172 shares in the company, valued at approximately $324,349. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 238,387 shares of company stock valued at $2,414,009. Corporate insiders own 6.67% of the company's stock.

Hedge Funds Weigh In On CCC Intelligent Solutions

A number of institutional investors have recently bought and sold shares of the company. Cannon Global Investment Management LLC acquired a new stake in shares of CCC Intelligent Solutions during the 3rd quarter worth approximately $564,000. Harbor Capital Advisors Inc. grew its position in CCC Intelligent Solutions by 67.2% in the third quarter. Harbor Capital Advisors Inc. now owns 340,397 shares of the company's stock worth $3,761,000 after acquiring an additional 136,854 shares during the period. Janney Capital Management LLC acquired a new stake in CCC Intelligent Solutions during the third quarter worth $321,000. Chicago Partners Investment Group LLC raised its position in CCC Intelligent Solutions by 15.5% in the third quarter. Chicago Partners Investment Group LLC now owns 14,596 shares of the company's stock valued at $162,000 after purchasing an additional 1,957 shares during the period. Finally, Conestoga Capital Advisors LLC lifted its stake in shares of CCC Intelligent Solutions by 18.7% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 9,508,085 shares of the company's stock valued at $105,064,000 after purchasing an additional 1,498,200 shares during the last quarter. 95.79% of the stock is owned by hedge funds and other institutional investors.

CCC Intelligent Solutions Trading Down 0.2 %

The business has a fifty day moving average price of $10.85 and a two-hundred day moving average price of $11.02. The company has a current ratio of 2.79, a quick ratio of 2.79 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $6.80 billion, a PE ratio of -52.05, a PEG ratio of 6.26 and a beta of 0.62.

CCC Intelligent Solutions (NYSE:CCCS - Get Free Report) last announced its earnings results on Monday, October 28th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The company had revenue of $238.48 million during the quarter, compared to analyst estimates of $237.41 million. CCC Intelligent Solutions had a net margin of 2.36% and a return on equity of 5.16%. CCC Intelligent Solutions's revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 earnings per share. Analysts expect that CCC Intelligent Solutions Holdings Inc. will post 0.16 EPS for the current fiscal year.

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.