Envestnet Asset Management Inc. Purchases 743,063 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Envestnet Asset Management Inc. lifted its position in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 37.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,712,578 shares of the company’s stock after purchasing an additional 743,063 shares during the quarter. Envestnet Asset Management Inc.’s holdings in CCC Intelligent Solutions were worth $31,819,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Eagle Bay Advisors LLC bought a new stake in CCC Intelligent Solutions during the 4th quarter worth approximately $25,000. UMB Bank n.a. bought a new stake in shares of CCC Intelligent Solutions during the fourth quarter worth $28,000. TD Private Client Wealth LLC acquired a new stake in shares of CCC Intelligent Solutions during the fourth quarter worth $31,000. GAMMA Investing LLC lifted its position in CCC Intelligent Solutions by 286.9% in the 4th quarter. GAMMA Investing LLC now owns 3,343 shares of the company’s stock valued at $39,000 after acquiring an additional 2,479 shares in the last quarter. Finally, Financial Management Professionals Inc. acquired a new position in CCC Intelligent Solutions in the 4th quarter worth $54,000. Institutional investors and hedge funds own 95.79% of the company’s stock.

Insider Activity at CCC Intelligent Solutions

In other news, Director Eric Wei sold 42,000,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $23,306,099.76. This represents a 94.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Rodney Christo sold 5,846 shares of CCC Intelligent Solutions stock in a transaction dated 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. Over the last three months, insiders sold 42,087,456 shares of company stock valued at $434,240,401. 6.67% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. 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. JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $14.00 to $11.00 in a research report on Wednesday, February 26th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $14.00 price target on shares of CCC Intelligent Solutions in a research report on Monday, February 24th. 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.com, CCC Intelligent Solutions currently has a consensus rating of “Moderate Buy” and an average price target of $13.14.

CCC Intelligent Solutions Stock Up 2.0 %

CCCS stock opened at $8.99 on Friday. The company has a market cap of $5.91 billion, a price-to-earnings ratio of 449.72 and a beta of 0.77. CCC Intelligent Solutions Holdings Inc. has a twelve month low of $8.14 and a twelve month high of $12.88. The business has a 50 day moving average price of $9.64 and a two-hundred day moving average price of $10.85. 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 declared that its board has approved a share buyback program on Friday, December 20th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

CCC Intelligent Solutions Profile

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.