CCC Intelligent Solutions (NYSE:CCCS) Earns “Neutral” Rating from Piper Sandler

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

A number of other analysts have also weighed in on the company. Barclays dropped their price objective on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th. 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 report on Wednesday. Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.38.

CCC Intelligent Solutions Trading Up 0.7 %

NYSE CCCS opened at $10.30 on Wednesday. The stock has a 50-day moving average of $11.23 and a 200-day moving average of $11.23. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39. CCC Intelligent Solutions has a 1-year low of $9.79 and a 1-year high of $12.88. The firm has a market cap of $6.76 billion, a PE ratio of 515.26 and a beta of 0.71.

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

Insider Transactions at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, Director Crescenzo Neil E. De bought 100,000 shares of CCC Intelligent Solutions stock in a transaction dated Friday, December 20th. The shares were purchased at an average cost of $12.16 per share, with a total value of $1,216,000.00. Following the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at $1,216,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 6.67% of the company’s stock.

Institutional Inflows and Outflows

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

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.