Raymond James Financial Inc. Makes New Investment in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Raymond James Financial Inc. bought a new position in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,644,513 shares of the company's stock, valued at approximately $31,020,000. Raymond James Financial Inc. owned about 0.40% of CCC Intelligent Solutions as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in CCC Intelligent Solutions by 1.7% in the fourth quarter. Principal Financial Group Inc. now owns 26,939,551 shares of the company's stock valued at $316,001,000 after acquiring an additional 455,040 shares during the last quarter. Wasatch Advisors LP boosted its position in shares of CCC Intelligent Solutions by 49.1% in the 3rd quarter. Wasatch Advisors LP now owns 14,331,030 shares of the company's stock worth $158,358,000 after purchasing an additional 4,716,587 shares during the last quarter. Conestoga Capital Advisors LLC grew its stake in shares of CCC Intelligent Solutions by 29.0% during the fourth quarter. Conestoga Capital Advisors LLC now owns 12,261,035 shares of the company's stock worth $143,822,000 after purchasing an additional 2,752,950 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in CCC Intelligent Solutions by 35.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,648,957 shares of the company's stock valued at $95,571,000 after purchasing an additional 2,272,336 shares during the last quarter. Finally, State Street Corp increased its holdings in CCC Intelligent Solutions by 32.2% in the third quarter. State Street Corp now owns 7,446,518 shares of the company's stock valued at $82,284,000 after purchasing an additional 1,815,816 shares during the last quarter. Institutional investors and hedge funds own 95.79% of the company's stock.

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CCC Intelligent Solutions Stock Up 0.9 %

NYSE CCCS traded up $0.08 during trading hours on Monday, reaching $9.40. 6,941,420 shares of the company's stock were exchanged, compared to its average volume of 3,984,536. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 470.24 and a beta of 0.73. The company's 50-day moving average is $10.66 and its two-hundred day moving average is $11.14. CCC Intelligent Solutions Holdings Inc. has a one year low of $8.83 and a one year high of $12.88.

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

Insider Activity

In related news, CAO Rodney Christo sold 20,077 shares of the company's 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Crescenzo Neil E. De bought 100,000 shares of the stock in a transaction on Friday, December 20th. The shares were purchased at an average price of $12.16 per share, with a total value of $1,216,000.00. Following the acquisition, the director now owns 100,000 shares in the company, valued at approximately $1,216,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 6.67% of the company's stock.

Analysts Set New Price Targets

CCCS has been the subject of several analyst reports. JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $14.00 to $11.00 in a research report on Wednesday, February 26th. Piper Sandler restated a "neutral" rating and set a $11.00 price objective (down previously from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday, February 26th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a research note 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.com, CCC Intelligent Solutions presently has an average rating of "Moderate Buy" and an average price target 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.