Cerity Partners LLC cut its holdings in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS – Free Report) by 23.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 172,843 shares of the company’s stock after selling 54,038 shares during the period. Cerity Partners LLC’s holdings in CCC Intelligent Solutions were worth $1,561,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake in CCC Intelligent Solutions by 4,172.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,837,354 shares of the company’s stock worth $115,394,000 after purchasing an additional 9,607,085 shares in the last quarter. Jefferies Financial Group Inc. purchased a new stake in CCC Intelligent Solutions in the fourth quarter valued at $58,080,000. Brown Advisory Inc. lifted its position in CCC Intelligent Solutions by 30.7% in the first quarter. Brown Advisory Inc. now owns 18,346,792 shares of the company’s stock valued at $165,672,000 after acquiring an additional 4,313,296 shares during the last quarter. Norges Bank purchased a new stake in shares of CCC Intelligent Solutions in the fourth quarter valued at about $50,032,000. Finally, T. Rowe Price Investment Management Inc. increased its stake in shares of CCC Intelligent Solutions by 6.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 68,866,717 shares of the company’s stock worth $807,807,000 after acquiring an additional 4,060,284 shares during the period. 95.79% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
CCCS has been the topic of several research reports. Barclays lowered their price target on shares of CCC Intelligent Solutions from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, April 14th. Morgan Stanley cut their price target on shares of CCC Intelligent Solutions from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Barrington Research reissued an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research report on Wednesday, May 7th. JPMorgan Chase & Co. lowered shares of CCC Intelligent Solutions from a “neutral” rating to an “underweight” rating and set a $10.00 price target for the company. in a report on Monday, June 23rd. Finally, Piper Sandler lowered their price target on shares of CCC Intelligent Solutions from $11.00 to $9.00 and set a “neutral” rating for the company in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $12.06.
Insider Activity at CCC Intelligent Solutions
In other news, Director Crescenzo Neil E. De purchased 100,000 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average cost of $8.54 per share, for a total transaction of $854,000.00. Following the transaction, the director directly owned 213,429 shares of the company’s stock, valued at approximately $1,822,683.66. The trade was a 88.16% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, insider Timothy A. Welsh purchased 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average price of $9.03 per share, for a total transaction of $903,000.00. Following the completion of the transaction, the insider directly owned 168,472 shares in the company, valued at $1,521,302.16. This trade represents a 146.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.03% of the stock is currently owned by insiders.
CCC Intelligent Solutions Stock Performance
Shares of CCCS opened at $9.69 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19. The company has a market capitalization of $6.39 billion, a PE ratio of 484.74 and a beta of 0.74. CCC Intelligent Solutions Holdings Inc. has a 52 week low of $8.14 and a 52 week high of $12.88. The company’s 50 day moving average price is $9.20 and its 200 day moving average price is $9.64.
CCC Intelligent Solutions (NYSE:CCCS – Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $251.57 million during the quarter, compared to analysts’ expectations of $249.87 million. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 EPS. Research analysts expect that CCC Intelligent Solutions Holdings Inc. will post 0.17 EPS for the current fiscal year.
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.
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