UMB Bank n.a. purchased a new position in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS – Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,395 shares of the company’s stock, valued at approximately $28,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in CCC Intelligent Solutions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 26,484,511 shares of the company’s stock valued at $292,654,000 after buying an additional 1,234,281 shares during the period. Wasatch Advisors LP boosted its position in shares of CCC Intelligent Solutions by 49.1% during the third quarter. Wasatch Advisors LP now owns 14,331,030 shares of the company’s stock valued at $158,358,000 after buying an additional 4,716,587 shares during the last quarter. Ghisallo Capital Management LLC purchased a new stake in CCC Intelligent Solutions in the 2nd quarter valued at about $132,917,000. Conestoga Capital Advisors LLC boosted its position in CCC Intelligent Solutions by 18.7% in the third quarter. Conestoga Capital Advisors LLC now owns 9,508,085 shares of the company’s stock worth $105,064,000 after purchasing an additional 1,498,200 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in CCC Intelligent Solutions by 35.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,648,957 shares of the company’s stock worth $95,571,000 after buying an additional 2,272,336 shares during the last quarter. Institutional investors and hedge funds own 95.79% of the company’s stock.
CCC Intelligent Solutions Stock Down 0.4 %
Shares of CCC Intelligent Solutions stock opened at $11.36 on Monday. CCC Intelligent Solutions Holdings Inc. has a 1 year low of $9.79 and a 1 year high of $12.88. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.19 and a quick ratio of 3.19. The company has a 50-day moving average of $11.91 and a 200 day moving average of $11.22. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of 568.28 and a beta of 0.72.
CCC Intelligent Solutions announced that its Board of Directors has initiated a share buyback program on Friday, December 20th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to buy up to 4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on the company. Barrington Research reissued an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Tuesday, October 29th. Barclays cut their price target on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th. JPMorgan Chase & Co. increased their price target on shares of CCC Intelligent Solutions from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Piper Sandler restated a “neutral” rating and set a $13.00 target price on shares of CCC Intelligent Solutions in a report on Wednesday, December 11th. Finally, Morgan Stanley upgraded shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, CCC Intelligent Solutions currently has a consensus rating of “Moderate Buy” and an average target price of $13.89.
Get Our Latest Stock Report on CCCS
Insider Buying and Selling
In other news, insider Githesh Ramamurthy sold 9,348 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $11.50, for a total transaction of $107,502.00. Following the completion of the sale, the insider now owns 4,798,040 shares of the company’s stock, valued at $55,177,460. The trade was a 0.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Rodney Christo sold 75,000 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $11.80, for a total value of $885,000.00. The disclosure for this sale can be found here. Insiders sold a total of 443,153 shares of company stock worth $5,390,863 in the last three months. Insiders own 6.67% of the company’s stock.
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.
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