Oppenheimer Asset Management Inc. Decreases Stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Oppenheimer Asset Management Inc. lessened its position in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 0.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 556,910 shares of the company’s stock after selling 1,685 shares during the period. Oppenheimer Asset Management Inc. owned 0.08% of CCC Intelligent Solutions worth $6,533,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Eagle Bay Advisors LLC purchased a new stake in CCC Intelligent Solutions in the 4th quarter worth approximately $25,000. UMB Bank n.a. purchased a new stake in CCC Intelligent Solutions in the 4th quarter worth approximately $28,000. Advisors Asset Management Inc. lifted its holdings in CCC Intelligent Solutions by 153.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock worth $32,000 after buying an additional 1,729 shares during the period. GAMMA Investing LLC lifted its holdings 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 buying an additional 2,479 shares during the period. Finally, Financial Management Professionals Inc. bought a new position in CCC Intelligent Solutions in the 4th quarter worth $54,000. Institutional investors own 95.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on CCCS shares. Morgan Stanley upgraded shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Piper Sandler restated a “neutral” rating and issued a $11.00 price objective (down from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday. Barrington Research reiterated an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. downgraded CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $14.00 to $11.00 in a report on Wednesday. Three investment 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 stock currently has a consensus rating of “Moderate Buy” and an average price target of $13.38.

CCC Intelligent Solutions Price Performance

CCCS stock opened at $10.19 on Friday. The firm has a 50 day moving average price of $11.14 and a 200-day moving average price of $11.22. CCC Intelligent Solutions Holdings Inc. has a 52-week low of $9.79 and a 52-week high of $12.88. The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of 509.75 and a beta of 0.71. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19.

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

Insider Activity

In other news, Director Crescenzo Neil E. De purchased 100,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were purchased at an average price of $12.16 per share, for a total transaction of $1,216,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares in the company, valued at $1,216,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 6.67% 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.