CCC Intelligent Solutions (NYSE:CCCS) Downgraded by JPMorgan Chase & Co. to “Neutral”

JPMorgan Chase & Co. cut shares of CCC Intelligent Solutions (NYSE:CCCS) from an overweight rating to a neutral rating in a research note published on Wednesday morning, Marketbeat reports. They currently have $11.00 target price on the stock, down from their prior target price of $14.00.

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

CCC Intelligent Solutions Trading Up 0.1 %

CCC Intelligent Solutions stock opened at $10.31 on Wednesday. CCC Intelligent Solutions has a 12-month low of $9.79 and a 12-month high of $12.88. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of 515.76 and a beta of 0.71. The firm has a 50 day moving average of $11.20 and a 200 day moving average of $11.22. 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 authorized a share 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 stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, Director Crescenzo Neil E. De bought 100,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was purchased at an average cost of $12.16 per share, with a total value of $1,216,000.00. Following the completion of the acquisition, the director now owns 100,000 shares in the company, valued at $1,216,000. This trade represents a ? increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.67% of the company’s stock.

Institutional Investors Weigh In On CCC Intelligent Solutions

A number of hedge funds have recently bought and sold shares of CCCS. Cache Advisors LLC bought a new stake in shares of CCC Intelligent Solutions in the 4th quarter worth about $1,362,000. Squarepoint Ops LLC increased its stake in CCC Intelligent Solutions by 736.2% during the fourth quarter. Squarepoint Ops LLC now owns 141,091 shares of the company’s stock worth $1,655,000 after acquiring an additional 124,218 shares during the last quarter. Twinbeech Capital LP purchased a new stake in CCC Intelligent Solutions during the fourth quarter valued at approximately $489,000. TPG GP A LLC lifted its stake in shares of CCC Intelligent Solutions by 17.3% in the 4th quarter. TPG GP A LLC now owns 4,087,220 shares of the company’s stock valued at $47,943,000 after purchasing an additional 602,959 shares during the last quarter. Finally, State of Wyoming boosted its holdings in shares of CCC Intelligent Solutions by 26.7% in the 4th quarter. State of Wyoming now owns 17,680 shares of the company’s stock worth $207,000 after purchasing an additional 3,731 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.