Truist Financial Corp grew its stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS – Free Report) by 3.5% in the 4th quarter, Holdings Channel reports. The firm owned 403,425 shares of the company’s stock after purchasing an additional 13,598 shares during the period. Truist Financial Corp’s holdings in CCC Intelligent Solutions were worth $4,732,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Wasatch Advisors LP boosted its position in shares of CCC Intelligent Solutions by 49.1% during the third quarter. Wasatch Advisors LP now owns 14,331,030 shares of the company’s stock valued at $158,358,000 after purchasing an additional 4,716,587 shares in the last quarter. Adero Partners LLC lifted its position in CCC Intelligent Solutions by 118.5% during the third quarter. Adero Partners LLC now owns 5,780,925 shares of the company’s stock valued at $63,879,000 after buying an additional 3,135,650 shares during the period. Conestoga Capital Advisors LLC boosted its holdings in shares of CCC Intelligent Solutions by 29.0% during the 4th quarter. Conestoga Capital Advisors LLC now owns 12,261,035 shares of the company’s stock valued at $143,822,000 after buying an additional 2,752,950 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of CCC Intelligent Solutions by 35.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,648,957 shares of the company’s stock worth $95,571,000 after buying an additional 2,272,336 shares during the period. Finally, State Street Corp increased its stake in shares of CCC Intelligent Solutions by 32.2% in the 3rd quarter. State Street Corp now owns 7,446,518 shares of the company’s stock worth $82,284,000 after acquiring an additional 1,815,816 shares in the last quarter. 95.79% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on CCCS shares. Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $14.00 to $15.00 in a research note on Wednesday, November 13th. Barclays dropped their price target on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 29th. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 price objective on shares of CCC Intelligent Solutions in a research report on Wednesday, December 11th. JPMorgan Chase & Co. boosted their target price on CCC Intelligent Solutions from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Finally, Barrington Research reissued an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, CCC Intelligent Solutions currently has a consensus rating of “Moderate Buy” and an average price target of $14.00.
Read Our Latest Stock Report on CCC Intelligent Solutions
CCC Intelligent Solutions Stock Performance
Shares of CCCS opened at $10.43 on Monday. The company has a market cap of $6.84 billion, a price-to-earnings ratio of 521.76 and a beta of 0.71. The business’s fifty day simple moving average is $11.31 and its two-hundred day simple moving average is $11.23. CCC Intelligent Solutions Holdings Inc. has a 12 month low of $9.79 and a 12 month high of $12.88. 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 announced that its board has approved a share repurchase program on Friday, December 20th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to buy up to 4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
Insider Activity
In related news, Director Crescenzo Neil E. De acquired 100,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was purchased at an average cost of $12.16 per share, with a total value of $1,216,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $1,216,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 6.67% of the company’s stock.
CCC Intelligent Solutions Profile
(Free Report)
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.
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