CCC Intelligent Solutions (NYSE:CCCS) Reaches New 52-Week Low – Here’s What Happened

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)’s stock price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $8.68 and last traded at $8.93, with a volume of 1664994 shares trading hands. The stock had previously closed at $8.92.

Analysts Set New Price Targets

A number of research firms have issued reports on CCCS. JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $14.00 to $11.00 in a research report on Wednesday, February 26th. Barrington Research reissued an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research report on Monday, February 24th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $11.00 price target (down from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday, February 26th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.14.

CCC Intelligent Solutions Price Performance

The company has a market cap of $5.97 billion, a PE ratio of 453.48 and a beta of 0.73. The stock has a fifty day simple moving average of $10.24 and a two-hundred day simple moving average of $11.04. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39.

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

Insider Activity at CCC Intelligent Solutions

In other news, Director Eric Wei sold 42,000,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.32, for a total value of $433,440,000.00. Following the sale, the director now directly owns 2,258,343 shares in the company, valued at $23,306,099.76. This represents a 94.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rodney Christo sold 5,846 shares of CCC Intelligent Solutions stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $9.15, for a total value of $53,490.90. The disclosure for this sale can be found here. Insiders sold 42,059,978 shares of company stock worth $434,004,090 over the last 90 days. Company insiders own 6.67% of the company’s stock.

Hedge Funds Weigh In On CCC Intelligent Solutions

Several hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its position in CCC Intelligent Solutions by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 26,484,511 shares of the company’s stock worth $292,654,000 after purchasing an additional 1,234,281 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of CCC Intelligent Solutions by 153.0% during the third quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock valued at $32,000 after buying an additional 1,729 shares during the period. Charles Schwab Investment Management Inc. boosted its position in CCC Intelligent Solutions by 26.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,811,792 shares of the company’s stock worth $42,120,000 after acquiring an additional 801,320 shares during the last quarter. Cerity Partners LLC grew its stake in CCC Intelligent Solutions by 16.3% in the 3rd quarter. Cerity Partners LLC now owns 243,118 shares of the company’s stock worth $2,686,000 after acquiring an additional 34,092 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in CCC Intelligent Solutions by 32.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 113,516 shares of the company’s stock valued at $1,254,000 after acquiring an additional 27,555 shares during the last quarter. 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.