Adero Partners LLC Cuts Stock Position in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Adero Partners LLC trimmed its stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 4.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,530,573 shares of the company’s stock after selling 250,352 shares during the quarter. CCC Intelligent Solutions comprises about 4.2% of Adero Partners LLC’s holdings, making the stock its 6th biggest position. Adero Partners LLC owned 0.84% of CCC Intelligent Solutions worth $64,874,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company raised its position in shares of CCC Intelligent Solutions by 35.7% during the second quarter. The Manufacturers Life Insurance Company now owns 85,961 shares of the company’s stock worth $955,000 after purchasing an additional 22,626 shares during the period. Algert Global LLC acquired a new stake in CCC Intelligent Solutions in the 2nd quarter valued at $343,000. Strategic Wealth Partners Ltd. bought a new stake in CCC Intelligent Solutions during the 3rd quarter valued at $685,000. Procyon Advisors LLC raised its holdings in CCC Intelligent Solutions by 72.8% during the third quarter. Procyon Advisors LLC now owns 79,500 shares of the company’s stock worth $878,000 after buying an additional 33,496 shares during the last quarter. Finally, Trust Point Inc. lifted its stake in shares of CCC Intelligent Solutions by 3.0% in the third quarter. Trust Point Inc. now owns 93,015 shares of the company’s stock valued at $1,028,000 after buying an additional 2,719 shares in the last quarter. 95.79% of the stock is owned by institutional investors.

Insider Activity at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, CAO Rodney Christo sold 75,000 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $11.80, for a total transaction of $885,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Crescenzo Neil E. De bought 100,000 shares of CCC Intelligent Solutions stock in a transaction dated Friday, December 20th. The stock was acquired at an average price of $12.16 per share, with a total value of $1,216,000.00. Following the purchase, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $1,216,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 433,805 shares of company stock worth $5,283,361. 6.67% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Piper Sandler reissued a “neutral” rating and set a $13.00 target price on shares of CCC Intelligent Solutions in a research report on Wednesday, December 11th. JPMorgan Chase & Co. boosted their price objective on CCC Intelligent Solutions from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Barclays cut their target price 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. Barrington Research reissued an “outperform” rating and issued a $14.00 price target on shares of CCC Intelligent Solutions in a research report on Tuesday, October 29th. Finally, Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, CCC Intelligent Solutions has an average rating of “Moderate Buy” and an average target price of $13.89.

CCC Intelligent Solutions Trading Up 1.0 %

Shares of CCC Intelligent Solutions stock opened at $11.07 on Thursday. The firm has a market cap of $7.26 billion, a PE ratio of 553.78 and a beta of 0.71. CCC Intelligent Solutions Holdings Inc. has a 1 year low of $9.79 and a 1 year high of $12.88. 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 stock has a fifty day moving average price of $11.72 and a 200-day moving average price of $11.21.

CCC Intelligent Solutions declared that its board has approved a stock buyback program on Friday, December 20th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to purchase up to 4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.