CCC Intelligent Solutions (NYSE:CCCS) Stock Price Down 3.1% – Time to Sell?

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)’s stock price dropped 3.1% on Wednesday . The stock traded as low as $8.79 and last traded at $8.78. Approximately 4,022,365 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 6,748,089 shares. The stock had previously closed at $9.06.

Analysts Set New Price Targets

CCCS has been the topic of a number of research reports. Piper Sandler reiterated a “neutral” rating and issued a $11.00 price objective (down previously from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. Barrington Research reiterated an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a research report on Monday, February 24th. Finally, JPMorgan Chase & Co. cut CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $14.00 to $11.00 in a research report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, CCC Intelligent Solutions has a consensus rating of “Moderate Buy” and a consensus target price of $13.14.

CCC Intelligent Solutions Trading Down 0.8 %

The firm has a market capitalization of $5.60 billion, a PE ratio of 426.21 and a beta of 0.73. The business has a fifty day moving average price of $10.04 and a two-hundred day moving average price of $10.98. 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 initiated a stock buyback program on Friday, December 20th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Eileen Schloss sold 34,055 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $8.98, for a total transaction of $305,813.90. Following the completion of the transaction, the director now directly owns 54,047 shares of the company’s stock, valued at approximately $485,342.06. The trade was a 38.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Rodney Christo sold 5,846 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $9.15, for a total transaction of $53,490.90. The disclosure for this sale can be found here. Insiders have sold 42,059,978 shares of company stock worth $434,004,090 over the last three months. Company insiders own 6.67% of the company’s stock.

Institutional Investors Weigh In On CCC Intelligent Solutions

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eagle Bay Advisors LLC acquired a new position in shares of CCC Intelligent Solutions in the 4th quarter valued at $25,000. UMB Bank n.a. acquired a new position in CCC Intelligent Solutions in the fourth quarter valued at $28,000. TD Private Client Wealth LLC purchased a new stake in shares of CCC Intelligent Solutions in the fourth quarter valued at about $31,000. Quarry LP acquired a new stake in shares of CCC Intelligent Solutions during the fourth quarter worth about $36,000. Finally, GAMMA Investing LLC grew its holdings in shares of CCC Intelligent Solutions by 286.9% during the fourth quarter. GAMMA Investing LLC now owns 3,343 shares of the company’s stock worth $39,000 after buying an additional 2,479 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.