CCC Intelligent Solutions (NYSE:CCCS) Price Target Cut to $9.00 by Analysts at Piper Sandler

CCC Intelligent Solutions (NYSE:CCCS) had its price target cut by Piper Sandler from $11.00 to $9.00 in a report released on Wednesday, MarketBeat Ratings reports. They currently have a neutral rating on the stock.

CCCS has been the topic of several other reports. Barclays reduced their price target on CCC Intelligent Solutions from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. lowered 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 research note on Wednesday, February 26th. Barrington Research reissued an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Wednesday. Finally, Morgan Stanley reduced their price target on shares of CCC Intelligent Solutions from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.19.

CCC Intelligent Solutions Price Performance

NYSE:CCCS opened at $9.00 on Wednesday. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of 450.23 and a beta of 0.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.19 and a quick ratio of 3.19. The business has a 50 day simple moving average of $8.97 and a 200-day simple moving average of $10.58. CCC Intelligent Solutions has a 1 year low of $8.14 and a 1 year high of $12.88.

CCC Intelligent Solutions (NYSE:CCCS) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. CCC Intelligent Solutions had a return on equity of 5.35% and a net margin of 5.02%. The company had revenue of $251.57 million during the quarter, compared to the consensus estimate of $249.87 million. During the same period last year, the company earned $0.09 earnings per share. CCC Intelligent Solutions’s revenue was up 10.7% on a year-over-year basis. Equities analysts forecast that CCC Intelligent Solutions will post 0.17 EPS for the current year.

Insider Activity

In related news, Director Eric Wei sold 42,000,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the completion of the transaction, the director now owns 2,258,343 shares in the company, valued at $23,306,099.76. The trade was a 94.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Rodney Christo sold 20,077 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.20, for a total transaction of $204,785.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,087,456 shares of company stock worth $434,240,401. 6.03% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CCC Intelligent Solutions

Institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC raised its position in shares of CCC Intelligent Solutions by 241.5% in the 1st quarter. Headlands Technologies LLC now owns 55,541 shares of the company’s stock valued at $502,000 after purchasing an additional 39,275 shares during the last quarter. Chicago Partners Investment Group LLC raised its holdings in shares of CCC Intelligent Solutions by 11.7% in the first quarter. Chicago Partners Investment Group LLC now owns 19,763 shares of the company’s stock worth $177,000 after buying an additional 2,077 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of CCC Intelligent Solutions by 15.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,425,232 shares of the company’s stock worth $39,960,000 after buying an additional 593,394 shares during the period. Vanguard Group Inc. lifted its stake in shares of CCC Intelligent Solutions by 9.9% during the first quarter. Vanguard Group Inc. now owns 56,491,007 shares of the company’s stock worth $510,114,000 after buying an additional 5,103,835 shares during the period. Finally, Associated Banc Corp grew its holdings in shares of CCC Intelligent Solutions by 14.7% during the first quarter. Associated Banc Corp now owns 17,298 shares of the company’s stock valued at $156,000 after buying an additional 2,214 shares during the last quarter. Institutional investors and hedge funds 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.