PNC Financial Services Group Inc. Sells 39,311 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

PNC Financial Services Group Inc. lessened its holdings in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 58.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 27,715 shares of the company's stock after selling 39,311 shares during the period. PNC Financial Services Group Inc.'s holdings in CCC Intelligent Solutions were worth $325,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. 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. acquired a new position in CCC Intelligent Solutions during the fourth quarter valued at approximately $28,000. Advisors Asset Management Inc. increased its stake in CCC Intelligent Solutions by 153.0% in the third quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company's stock valued at $32,000 after purchasing an additional 1,729 shares in the last quarter. GAMMA Investing LLC raised its holdings in CCC Intelligent Solutions by 286.9% in 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 during the period. Finally, Financial Management Professionals Inc. bought a new position in shares of CCC Intelligent Solutions during the fourth quarter worth $54,000. Institutional investors own 95.79% of the company's stock.

Insider Transactions at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, CAO Rodney Christo sold 20,077 shares of CCC Intelligent Solutions stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.20, for a total value of $204,785.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric Wei sold 42,000,000 shares of the 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 transaction, the director now owns 2,258,343 shares of the company's stock, valued at approximately $23,306,099.76. This represents a 94.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,054,132 shares of company stock valued at $433,950,599 over the last three months. Company insiders own 6.67% of the company's stock.

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CCC Intelligent Solutions Stock Up 0.4 %

CCCS stock traded up $0.04 during trading hours on Tuesday, reaching $9.19. 8,214,466 shares of the stock were exchanged, compared to its average volume of 4,125,919. The firm's 50-day moving average is $10.40 and its 200-day moving average is $11.08. CCC Intelligent Solutions Holdings Inc. has a 12 month low of $8.83 and a 12 month high of $12.88. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 459.73 and a beta of 0.73. 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 announced that its board has initiated a stock repurchase program on Friday, December 20th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CCCS. Piper Sandler restated a "neutral" rating and issued a $11.00 price objective (down previously from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. Barrington Research restated an "outperform" rating and issued a $14.00 price target on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $14.00 to $11.00 in a research report on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, CCC Intelligent Solutions currently has an average rating of "Moderate Buy" and a consensus price target of $13.14.

CCC Intelligent Solutions 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.