Norges Bank Takes Position in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Norges Bank bought a new position in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 4,265,287 shares of the company’s stock, valued at approximately $50,032,000. Norges Bank owned 0.65% of CCC Intelligent Solutions as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Eagle Bay Advisors LLC acquired a new position in CCC Intelligent Solutions in the 4th quarter valued at $25,000. UMB Bank n.a. acquired a new position in shares of CCC Intelligent Solutions in the fourth quarter valued at about $28,000. TD Private Client Wealth LLC bought a new position in CCC Intelligent Solutions during the fourth quarter worth about $31,000. GAMMA Investing LLC raised its stake in CCC Intelligent Solutions by 286.9% in the 4th quarter. GAMMA Investing LLC now owns 3,343 shares of the company’s stock worth $39,000 after purchasing an additional 2,479 shares in the last quarter. Finally, Financial Management Professionals Inc. bought a new stake in CCC Intelligent Solutions in the 4th quarter valued at about $54,000. Institutional investors and hedge funds own 95.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CCCS shares. JPMorgan Chase & Co. downgraded 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, February 26th. Barrington Research reaffirmed an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Finally, Piper Sandler reissued a “neutral” rating and set a $11.00 target price (down from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, CCC Intelligent Solutions presently has an average rating of “Moderate Buy” and an average target price of $13.14.

CCC Intelligent Solutions Trading Down 0.8 %

Shares of CCCS stock opened at $8.52 on Friday. CCC Intelligent Solutions Holdings Inc. has a fifty-two week low of $8.25 and a fifty-two week high of $12.88. The stock’s fifty day moving average price is $9.98 and its two-hundred day moving average price is $10.96. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19. The company has a market cap of $5.60 billion, a PE ratio of 426.21 and a beta of 0.73.

CCC Intelligent Solutions announced that its Board of Directors has approved a share buyback plan on Friday, December 20th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at CCC Intelligent Solutions

In other news, CAO Rodney Christo sold 20,077 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.20, for a total transaction of $204,785.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric Wei sold 42,000,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.32, for a total value of $433,440,000.00. Following the sale, the director now directly owns 2,258,343 shares in the company, valued at approximately $23,306,099.76. This trade represents a 94.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,087,456 shares of company stock valued at $434,240,401 over the last ninety days. 6.67% of the stock is owned by corporate insiders.

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.