CCC Intelligent Solutions (NYSE:CCCS) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of CCC Intelligent Solutions (NYSE:CCCSGet Rating) from a hold rating to a buy rating in a report issued on Monday, Zacks.com reports. The firm currently has $9.50 target price on the stock.

According to Zacks, “CCC Intelligent Solutions Inc. provides SaaS platform for the property and casualty insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders and more. CCC Intelligent Solutions Inc., formerly known as Dragoneer Growth Opportunities Corp., is based in CHICAGO. “

CCCS has been the subject of several other research reports. The Goldman Sachs Group started coverage on shares of CCC Intelligent Solutions in a research note on Thursday, April 28th. They issued a neutral rating and a $11.00 target price for the company. Citigroup reduced their target price on shares of CCC Intelligent Solutions from $13.00 to $11.00 in a research note on Friday, February 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CCC Intelligent Solutions has an average rating of Hold and a consensus price target of $10.90.

Shares of NYSE:CCCS opened at $8.30 on Monday. The stock has a market cap of $5.10 billion, a P/E ratio of 4.03 and a beta of 1.10. The firm has a fifty day moving average price of $9.84 and a 200 day moving average price of $10.73. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.30 and a quick ratio of 2.30. CCC Intelligent Solutions has a 1-year low of $7.41 and a 1-year high of $13.46.

CCC Intelligent Solutions (NYSE:CCCSGet Rating) last issued its quarterly earnings results on Tuesday, March 1st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The firm had revenue of $187.08 million during the quarter, compared to analysts’ expectations of $181.84 million. CCC Intelligent Solutions had a negative net margin of 32.32% and a negative return on equity of 1.57%. Sell-side analysts expect that CCC Intelligent Solutions will post 0.28 EPS for the current fiscal year.

In other news, Director Eric Wei sold 17,506,195 shares of the stock in a transaction dated Monday, April 11th. The shares were sold at an average price of $9.28, for a total value of $162,457,489.60. Following the completion of the transaction, the director now owns 8,238,944 shares in the company, valued at approximately $76,457,400.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.81% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of CCC Intelligent Solutions by 3.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 306,511 shares of the company’s stock valued at $3,384,000 after purchasing an additional 10,591 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in CCC Intelligent Solutions during the 1st quarter valued at about $3,146,000. Vanguard Group Inc. increased its holdings in CCC Intelligent Solutions by 146.9% during the 1st quarter. Vanguard Group Inc. now owns 9,519,514 shares of the company’s stock valued at $105,095,000 after acquiring an additional 5,663,827 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in CCC Intelligent Solutions by 12.3% during the 1st quarter. Bank of New York Mellon Corp now owns 38,517 shares of the company’s stock valued at $425,000 after acquiring an additional 4,232 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in CCC Intelligent Solutions by 2.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,567,322 shares of the company’s stock valued at $39,383,000 after acquiring an additional 83,336 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

About CCC Intelligent Solutions (Get Rating)

CCC Intelligent Solutions Holdings Inc provides cloud, mobile, AI, telematics, hyperscale technologies, and applications for the property and casualty insurance economy. It SaaS platform digitizes mission-critical AI-enabled workflows, facilitates commerce, and connects businesses across the insurance economy, including insurance carriers, collision repairers, parts suppliers, automotive manufactures, financial institution, and others.

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