CCC Intelligent Solutions’ (CCCS) Neutral Rating Reaffirmed at Piper Sandler

CCC Intelligent Solutions (NYSE:CCCS)‘s stock had its “neutral” rating reiterated by stock analysts at Piper Sandler in a note issued to investors on Wednesday,Benzinga reports. They presently have a $11.00 target price on the stock, down from their prior target price of $13.00. Piper Sandler’s price objective suggests a potential upside of 6.80% from the company’s current price.

Several other research analysts have also recently issued reports on CCCS. Barclays dropped their target price on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 29th. Barrington Research restated an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research report on Monday. JPMorgan Chase & Co. cut shares of CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $14.00 to $11.00 in a report on Wednesday. Finally, Morgan Stanley upgraded shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $14.00 to $15.00 in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, CCC Intelligent Solutions currently has an average rating of “Moderate Buy” and an average target price of $13.38.

CCC Intelligent Solutions Stock Performance

Shares of NYSE CCCS opened at $10.30 on Wednesday. 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 firm’s 50-day moving average price is $11.23 and its 200-day moving average price is $11.23. CCC Intelligent Solutions has a 52-week low of $9.79 and a 52-week high of $12.88. The company has a market cap of $6.76 billion, a PE ratio of 515.26 and a beta of 0.71.

CCC Intelligent Solutions announced that its board has approved a share buyback plan on Friday, December 20th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Director Crescenzo Neil E. De purchased 100,000 shares of CCC Intelligent Solutions stock in a transaction on Friday, December 20th. The shares were bought at an average cost of $12.16 per share, for a total transaction of $1,216,000.00. Following the acquisition, the director now owns 100,000 shares in the company, valued at approximately $1,216,000. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 6.67% of the company’s stock.

Institutional Trading of CCC Intelligent Solutions

Hedge funds have recently modified their holdings of the company. Eagle Bay Advisors LLC bought a new stake in shares of CCC Intelligent Solutions in the 4th quarter worth about $25,000. UMB Bank n.a. purchased a new position in CCC Intelligent Solutions in the fourth quarter worth about $28,000. TD Private Client Wealth LLC bought a new stake in CCC Intelligent Solutions during the fourth quarter worth approximately $31,000. Advisors Asset Management Inc. increased its stake in CCC Intelligent Solutions by 153.0% during the third quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock worth $32,000 after acquiring an additional 1,729 shares during the last quarter. Finally, Quarry LP purchased a new stake in CCC Intelligent Solutions during the fourth quarter valued at approximately $36,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

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.