Eric Wei Sells 42,000,000 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) Stock

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) Director Eric Wei sold 42,000,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 2,258,343 shares in the company, valued at $23,306,099.76. This trade represents a 94.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

CCC Intelligent Solutions Stock Up 0.6 %

Shares of CCC Intelligent Solutions stock opened at $9.72 on Thursday. CCC Intelligent Solutions Holdings Inc. has a 12-month low of $9.46 and a 12-month high of $12.88. The firm has a market capitalization of $6.38 billion, a PE ratio of 486.24 and a beta of 0.71. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.39. The stock’s fifty day moving average is $11.01 and its 200-day moving average is $11.21.

CCC Intelligent Solutions announced that its board has initiated a stock buyback program on Friday, December 20th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Piper Sandler reissued a “neutral” rating and set a $11.00 target price (down previously from $13.00) on shares of CCC Intelligent Solutions in a report on Wednesday, February 26th. Barrington Research reissued an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Morgan Stanley raised CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $14.00 to $15.00 in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $14.00 to $11.00 in a report on Wednesday, February 26th. 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.38.

Institutional Trading of CCC Intelligent Solutions

A number of hedge funds have recently bought and sold shares of CCCS. Eagle Bay Advisors LLC purchased a new position in shares of CCC Intelligent Solutions in the fourth quarter worth approximately $25,000. UMB Bank n.a. acquired a new position in CCC Intelligent Solutions in the 4th quarter worth approximately $28,000. TD Private Client Wealth LLC purchased a new position in CCC Intelligent Solutions during the 4th quarter worth approximately $31,000. Advisors Asset Management Inc. raised its stake in CCC Intelligent Solutions by 153.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock valued at $32,000 after purchasing an additional 1,729 shares during the period. Finally, Quarry LP purchased a new stake in shares of CCC Intelligent Solutions in the fourth quarter valued at $36,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

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.