CCC Intelligent Solutions (NYSE:CCCS) Sets New 52-Week Low – What’s Next?

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)’s share price reached a new 52-week low during trading on Monday . The stock traded as low as $8.97 and last traded at $9.06, with a volume of 11075462 shares trading hands. The stock had previously closed at $9.29.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. cut CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $14.00 to $11.00 in a report on Wednesday, February 26th. Piper Sandler restated a “neutral” rating and issued a $11.00 price target (down from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. Barrington Research reiterated an “outperform” rating and set a $14.00 price target on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Finally, Morgan Stanley upgraded CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $14.00 to $15.00 in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, CCC Intelligent Solutions has a consensus rating of “Moderate Buy” and an average price target of $13.38.

CCC Intelligent Solutions Stock Performance

The company’s 50-day moving average price is $10.91 and its two-hundred day moving average price is $11.20. The company has a market capitalization of $5.96 billion, a price-to-earnings ratio of 453.23 and a beta of 0.73. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.19 and a quick ratio of 3.19.

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

Insider Activity

In related news, CAO Rodney Christo sold 20,077 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.20, for a total transaction of $204,785.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Eric Wei sold 42,000,000 shares of the firm’s stock in a transaction on 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 $23,306,099.76. The trade was a 94.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank raised its position in shares of CCC Intelligent Solutions by 5.8% during the third quarter. Amalgamated Bank now owns 23,722 shares of the company’s stock worth $262,000 after purchasing an additional 1,299 shares during the period. Principal Financial Group Inc. grew its position in CCC Intelligent Solutions by 4.9% in the 3rd quarter. Principal Financial Group Inc. now owns 26,484,511 shares of the company’s stock valued at $292,654,000 after purchasing an additional 1,234,281 shares during the period. Atria Investments Inc raised its holdings in CCC Intelligent Solutions by 13.6% during the third quarter. Atria Investments Inc now owns 77,427 shares of the company’s stock worth $856,000 after buying an additional 9,287 shares during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in CCC Intelligent Solutions by 12.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 183,835 shares of the company’s stock worth $2,031,000 after buying an additional 21,017 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in CCC Intelligent Solutions by 5.2% during the third quarter. Victory Capital Management Inc. now owns 52,720 shares of the company’s stock worth $583,000 after buying an additional 2,626 shares during the last quarter. 95.79% of the stock is owned by institutional investors and hedge funds.

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.