Morgan Stanley Has Lowered Expectations for CCC Intelligent Solutions (NYSE:CCCS) Stock Price

CCC Intelligent Solutions (NYSE:CCCS) had its price objective decreased by analysts at Morgan Stanley from $15.00 to $13.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 46.31% from the stock’s current price.

CCCS has been the topic of a number of other reports. JPMorgan Chase & Co. downgraded CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. Piper Sandler restated a “neutral” rating and set a $11.00 price target (down from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday, February 26th. Barrington Research reiterated an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Finally, Barclays dropped their target price on shares of CCC Intelligent Solutions from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.57.

CCC Intelligent Solutions Trading Up 0.5 %

CCCS stock traded up $0.05 during midday trading on Wednesday, hitting $8.89. The stock had a trading volume of 1,125,610 shares, compared to its average volume of 4,580,703. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39. The firm has a market cap of $5.85 billion, a P/E ratio of 444.47 and a beta of 0.77. The business has a fifty day moving average price of $9.56 and a two-hundred day moving average price of $10.82. CCC Intelligent Solutions has a 1-year low of $8.14 and a 1-year high of $12.88.

CCC Intelligent Solutions declared that its board has initiated a share repurchase plan on Friday, December 20th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to buy up to 4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at CCC Intelligent Solutions

In other news, Director Eric Wei sold 42,000,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the transaction, the director now owns 2,258,343 shares of the company’s stock, valued at $23,306,099.76. This represents a 94.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Rodney Christo sold 5,846 shares of the stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $9.15, for a total transaction of $53,490.90. The disclosure for this sale can be found here. Insiders sold a total of 42,087,456 shares of company stock valued at $434,240,401 over the last ninety days. 6.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CCC Intelligent Solutions

Several institutional investors have recently made changes to their positions in CCCS. Eagle Bay Advisors LLC bought a new stake in shares of CCC Intelligent Solutions during the fourth quarter valued at about $25,000. UMB Bank n.a. purchased a new position in CCC Intelligent Solutions during the fourth quarter worth about $28,000. TD Private Client Wealth LLC bought a new position in CCC Intelligent Solutions in the 4th quarter worth about $31,000. Quarry LP purchased a new stake in shares of CCC Intelligent Solutions in the 4th quarter valued at about $36,000. Finally, GAMMA Investing LLC grew its holdings in shares of CCC Intelligent Solutions by 286.9% during the fourth 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. 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.