CCC Intelligent Solutions (NYSE:CCCS) Shares Gap Up Following Strong Earnings

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)’s stock price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $9.67, but opened at $10.49. CCC Intelligent Solutions shares last traded at $9.84, with a volume of 1,430,214 shares trading hands.

The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $260.45 million for the quarter, compared to analysts’ expectations of $256.21 million. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. CCC Intelligent Solutions’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the company earned $0.09 EPS.

Wall Street Analyst Weigh In

A number of research firms recently commented on CCCS. Barclays raised their price objective on shares of CCC Intelligent Solutions from $11.00 to $12.00 and gave the company an “equal weight” rating in a research note on Friday. Morgan Stanley lowered their target price on CCC Intelligent Solutions from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. The Goldman Sachs Group lowered their target price on CCC Intelligent Solutions from $13.00 to $11.50 and set a “buy” rating on the stock in a report on Wednesday, May 7th. JPMorgan Chase & Co. lowered CCC Intelligent Solutions from a “neutral” rating to an “underweight” rating and set a $10.00 target price on the stock. in a report on Monday, June 23rd. Finally, Piper Sandler lowered their price objective on shares of CCC Intelligent Solutions from $11.00 to $9.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.07.

Insiders Place Their Bets

In related news, Director Eric Wei sold 30,000,000 shares of CCC Intelligent Solutions stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $9.08, for a total value of $272,400,000.00. Following the transaction, the director directly owned 1,562,344 shares in the company, valued at $14,186,083.52. The trade was a 95.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Timothy A. Welsh purchased 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was bought at an average cost of $9.03 per share, for a total transaction of $903,000.00. Following the purchase, the insider directly owned 168,472 shares in the company, valued at $1,521,302.16. This represents a 146.05% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 60,005,302 shares of company stock worth $544,851,748. Corporate insiders own 6.03% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in CCC Intelligent Solutions by 4,172.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,837,354 shares of the company’s stock valued at $115,394,000 after acquiring an additional 9,607,085 shares in the last quarter. Duquesne Family Office LLC purchased a new position in CCC Intelligent Solutions during the first quarter valued at approximately $50,523,000. Vanguard Group Inc. grew its position in CCC Intelligent Solutions by 9.9% during the first quarter. Vanguard Group Inc. now owns 56,491,007 shares of the company’s stock valued at $510,114,000 after purchasing an additional 5,103,835 shares in the last quarter. Clarkston Capital Partners LLC purchased a new position in CCC Intelligent Solutions during the first quarter valued at approximately $45,766,000. Finally, Jefferies Financial Group Inc. purchased a new position in CCC Intelligent Solutions during the fourth quarter valued at approximately $58,080,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

CCC Intelligent Solutions Price Performance

The stock’s 50-day moving average is $9.37 and its 200 day moving average is $9.56. 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 $6.41 billion, a PE ratio of 486.74 and a beta of 0.74.

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.