CCC Intelligent Solutions (NYSE:CCCS) Lowered to Neutral Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of CCC Intelligent Solutions (NYSE:CCCS) from an overweight rating to a neutral rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The firm currently has $11.00 target price on the stock, down from their previous target price of $14.00.

CCCS has been the topic of a number of other research reports. Morgan Stanley upgraded shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $14.00 to $15.00 in a report on Wednesday, November 13th. Barclays dropped their price objective on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 29th. Barrington Research restated an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Monday. Finally, Piper Sandler reiterated a “neutral” rating and set a $13.00 target price on shares of CCC Intelligent Solutions in a report on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.38.

CCC Intelligent Solutions Trading Up 0.1 %

CCCS opened at $10.31 on Wednesday. The stock has a market cap of $6.77 billion, a PE ratio of 515.76 and a beta of 0.71. The business has a 50 day moving average of $11.20 and a 200-day moving average of $11.22. CCC Intelligent Solutions has a 52 week low of $9.79 and a 52 week high of $12.88. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.39.

CCC Intelligent Solutions announced that its Board of Directors has authorized a stock buyback plan on Friday, December 20th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other CCC Intelligent Solutions news, Director Crescenzo Neil E. De acquired 100,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were bought at an average cost of $12.16 per share, with a total value of $1,216,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $1,216,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.67% of the stock is owned by company insiders.

Institutional Trading of CCC Intelligent Solutions

A number of institutional investors have recently made changes to their positions in the stock. Baker Tilly Wealth Management LLC lifted its position in CCC Intelligent Solutions by 6.6% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 14,386 shares of the company’s stock valued at $169,000 after purchasing an additional 888 shares during the period. Central Pacific Bank Trust Division raised its stake in CCC Intelligent Solutions by 6.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 16,760 shares of the company’s stock valued at $197,000 after buying an additional 960 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of CCC Intelligent Solutions by 5.9% during the 4th quarter. CIBC Asset Management Inc now owns 19,046 shares of the company’s stock valued at $223,000 after buying an additional 1,054 shares during the period. Berry Wealth Group LP boosted its stake in shares of CCC Intelligent Solutions by 5.8% in the 4th quarter. Berry Wealth Group LP now owns 20,224 shares of the company’s stock worth $237,000 after buying an additional 1,109 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of CCC Intelligent Solutions by 1.0% in the fourth quarter. Arizona State Retirement System now owns 117,507 shares of the company’s stock worth $1,378,000 after acquiring an additional 1,150 shares during the period. Hedge funds and other institutional investors own 95.79% of the company’s stock.

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.