Massachusetts Financial Services Co. MA Sells 2,119,020 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Massachusetts Financial Services Co. MA cut its holdings in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 24.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,529,937 shares of the company’s stock after selling 2,119,020 shares during the period. Massachusetts Financial Services Co. MA’s holdings in CCC Intelligent Solutions were worth $76,596,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in CCC Intelligent Solutions by 4.9% during the third quarter. Principal Financial Group Inc. now owns 26,484,511 shares of the company’s stock worth $292,654,000 after acquiring an additional 1,234,281 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of CCC Intelligent Solutions by 32.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 113,516 shares of the company’s stock valued at $1,254,000 after purchasing an additional 27,555 shares during the last quarter. FMR LLC lifted its position in CCC Intelligent Solutions by 5.9% in the third quarter. FMR LLC now owns 677,262 shares of the company’s stock worth $7,484,000 after buying an additional 37,865 shares during the last quarter. Townsquare Capital LLC boosted its stake in CCC Intelligent Solutions by 50.5% during the third quarter. Townsquare Capital LLC now owns 22,863 shares of the company’s stock worth $253,000 after buying an additional 7,667 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in CCC Intelligent Solutions by 55.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 75,494 shares of the company’s stock valued at $834,000 after acquiring an additional 27,083 shares during the last quarter. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, Director Eric Wei sold 42,000,000 shares of CCC Intelligent Solutions stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the completion of the sale, the director now owns 2,258,343 shares of the company’s stock, valued at approximately $23,306,099.76. The trade was a 94.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eileen Schloss sold 34,055 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $8.98, for a total value of $305,813.90. Following the completion of the transaction, the director now directly owns 54,047 shares in the company, valued at $485,342.06. This represents a 38.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,087,456 shares of company stock worth $434,240,401. Insiders own 6.67% of the company’s stock.

CCC Intelligent Solutions Trading Down 0.8 %

NYSE:CCCS opened at $8.52 on Friday. CCC Intelligent Solutions Holdings Inc. has a 52 week low of $8.25 and a 52 week high of $12.88. The firm has a 50 day moving average of $9.98 and a 200 day moving average of $10.96. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 426.21 and a beta of 0.77.

CCC Intelligent Solutions declared that its Board of Directors has authorized a stock buyback program on Friday, December 20th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Piper Sandler restated a “neutral” rating and issued a $11.00 target price (down previously from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday, February 26th. Barrington Research restated 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, JPMorgan Chase & Co. cut CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and cut their target price for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.14.

CCC Intelligent Solutions Company 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.