CCC Intelligent Solutions (NYSE:CCCS) Releases Earnings Results, Beats Expectations By $0.01 EPS

CCC Intelligent Solutions (NYSE:CCCS) posted its quarterly earnings results on Tuesday. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01, Briefing.com reports. The firm had revenue of $232.60 million for the quarter, compared to the consensus estimate of $230.16 million. CCC Intelligent Solutions had a net margin of 2.36% and a return on equity of 5.17%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the firm posted $0.02 earnings per share. CCC Intelligent Solutions updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

CCC Intelligent Solutions Trading Down 0.4 %

Shares of CCCS traded down $0.04 during trading on Thursday, reaching $10.22. 9,418,652 shares of the company traded hands, compared to its average volume of 3,803,769. The stock has a 50-day simple moving average of $11.32 and a 200-day simple moving average of $11.38. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.43. CCC Intelligent Solutions has a twelve month low of $10.05 and a twelve month high of $13.41. The stock has a market cap of $6.35 billion, a PE ratio of -48.86 and a beta of 0.62.

Insider Buying and Selling

In related news, insider Githesh Ramamurthy sold 1,000,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $11.78, for a total value of $11,780,000.00. Following the sale, the insider now owns 6,463,840 shares in the company, valued at approximately $76,144,035.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Githesh Ramamurthy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $11.78, for a total value of $11,780,000.00. Following the completion of the transaction, the insider now owns 6,463,840 shares of the company’s stock, valued at $76,144,035.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director International L.P. Advent sold 41,622,992 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $11.43, for a total transaction of $475,750,798.56. Following the sale, the director now owns 3,812,112 shares in the company, valued at $43,572,440.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,777,216 shares of company stock valued at $771,814,055. Company insiders own 6.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group dropped their price target on CCC Intelligent Solutions from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday. Barrington Research restated an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a report on Wednesday. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, CCC Intelligent Solutions currently has an average rating of “Moderate Buy” and an average target price of $13.56.

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.