Barclays Has Lowered Expectations for CCC Intelligent Solutions (NYSE:CCCS) Stock Price

CCC Intelligent Solutions (NYSE:CCCS) had its target price reduced by equities researchers at Barclays from $13.00 to $11.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential upside of 23.32% from the stock’s current price.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $14.00 to $11.00 in a report on Wednesday, February 26th. Piper Sandler reissued a “neutral” rating and issued a $11.00 price target (down previously from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. Finally, Barrington Research restated an “outperform” rating and set a $14.00 price objective on shares of CCC Intelligent Solutions in a research report on Monday, February 24th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, CCC Intelligent Solutions has an average rating of “Moderate Buy” and a consensus price target of $12.86.

CCC Intelligent Solutions Price Performance

Shares of CCC Intelligent Solutions stock traded down $0.07 on Monday, reaching $8.92. The stock had a trading volume of 725,096 shares, compared to its average volume of 7,394,229. The business’s 50 day moving average is $9.64 and its two-hundred day moving average is $10.85. The company has a market cap of $5.87 billion, a P/E ratio of 446.22 and a beta of 0.77. CCC Intelligent Solutions has a 1 year low of $8.14 and a 1 year high of $12.88. 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 of Directors has initiated a share repurchase plan on Friday, December 20th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at CCC Intelligent Solutions

In other news, CAO Rodney Christo sold 20,077 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.20, for a total value of $204,785.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eric Wei sold 42,000,000 shares of CCC Intelligent Solutions stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,087,456 shares of company stock worth $434,240,401. Company insiders own 6.67% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CCCS. Price T Rowe Associates Inc. MD increased its holdings in CCC Intelligent Solutions by 4,172.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,837,354 shares of the company’s stock valued at $115,394,000 after acquiring an additional 9,607,085 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of CCC Intelligent Solutions during the fourth quarter valued at about $58,080,000. Norges Bank bought a new stake in shares of CCC Intelligent Solutions in the fourth quarter worth about $50,032,000. T. Rowe Price Investment Management Inc. lifted its position in shares of CCC Intelligent Solutions by 6.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 68,866,717 shares of the company’s stock worth $807,807,000 after buying an additional 4,060,284 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in CCC Intelligent Solutions by 753.3% during the fourth quarter. JPMorgan Chase & Co. now owns 3,873,418 shares of the company’s stock valued at $45,435,000 after buying an additional 3,419,507 shares during the last quarter. 95.79% of the stock is owned by hedge funds and other institutional investors.

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.