CCC Intelligent Solutions (NYSE:CCCS) Board of Directors Initiates Stock Buyback Plan

CCC Intelligent Solutions (NYSE:CCCS) announced that its Board of Directors has authorized a stock repurchase program on Friday, December 20th, RTT News reports. The company plans to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have commented on CCCS. JPMorgan Chase & Co. lifted their price target on shares of CCC Intelligent Solutions from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Morgan Stanley raised CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $14.00 to $15.00 in a research note on Wednesday, November 13th. Barclays cut their price objective on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 29th. Barrington Research reissued an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research report on Tuesday, October 29th. Finally, Piper Sandler restated a “neutral” rating and set a $13.00 price target on shares of CCC Intelligent Solutions in a report on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, CCC Intelligent Solutions currently has an average rating of “Moderate Buy” and a consensus price target of $13.89.

CCC Intelligent Solutions Price Performance

CCC Intelligent Solutions stock opened at $12.05 on Monday. The company’s 50 day moving average price is $11.73 and its two-hundred day moving average price is $11.20. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.39. CCC Intelligent Solutions has a 52 week low of $9.79 and a 52 week high of $12.88. The stock has a market cap of $7.54 billion, a P/E ratio of 602.80, a P/E/G ratio of 6.80 and a beta of 0.71.

CCC Intelligent Solutions (NYSE:CCCS) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The company had revenue of $238.48 million during the quarter, compared to the consensus estimate of $237.41 million. CCC Intelligent Solutions had a return on equity of 5.35% and a net margin of 5.02%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.03 EPS. On average, equities analysts predict that CCC Intelligent Solutions will post 0.17 earnings per share for the current year.

Insider Activity at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, insider Githesh Ramamurthy sold 9,348 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $11.50, for a total transaction of $107,502.00. Following the sale, the insider now owns 4,798,040 shares in the company, valued at $55,177,460. This trade represents a 0.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Rodney Christo sold 75,000 shares of the company’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. Over the last 90 days, insiders sold 443,153 shares of company stock valued at $5,390,863. Corporate 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.