CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) Director Eric Wei Sells 42,000,000 Shares of Stock

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) Director Eric Wei sold 42,000,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the sale, the director now owns 2,258,343 shares in the company, valued at $23,306,099.76. The trade was a 94.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

CCC Intelligent Solutions Price Performance

Shares of NYSE:CCCS opened at $9.66 on Wednesday. The company’s fifty day moving average price is $11.06 and its 200-day moving average price is $11.22. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 483.24 and a beta of 0.71. CCC Intelligent Solutions Holdings Inc. has a one year low of $9.65 and a one 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.

CCC Intelligent Solutions declared that its Board of Directors has approved a share buyback program on Friday, December 20th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On CCC Intelligent Solutions

Institutional investors have recently made changes to their positions in the stock. Eagle Bay Advisors LLC bought a new position in shares of CCC Intelligent Solutions in the 4th quarter worth $25,000. UMB Bank n.a. bought a new position in shares of CCC Intelligent Solutions in the 4th quarter worth $28,000. TD Private Client Wealth LLC bought a new position in shares of CCC Intelligent Solutions during the 4th quarter valued at $31,000. Advisors Asset Management Inc. grew its holdings in shares of CCC Intelligent Solutions by 153.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock valued at $32,000 after purchasing an additional 1,729 shares during the last quarter. Finally, Quarry LP bought a new position in shares of CCC Intelligent Solutions during the 4th quarter valued at $36,000. Institutional investors own 95.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. JPMorgan Chase & Co. cut shares of CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. Barrington Research reiterated an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Piper Sandler reiterated a “neutral” rating and issued a $11.00 target price (down from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. 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 research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.38.

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.