AGF Management Ltd. Sells 83,126 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

AGF Management Ltd. trimmed its position in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 28.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,558 shares of the company’s stock after selling 83,126 shares during the period. AGF Management Ltd.’s holdings in CCC Intelligent Solutions were worth $2,399,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in CCC Intelligent Solutions by 34.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 101,196 shares of the company’s stock worth $1,187,000 after buying an additional 25,702 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its position in shares of CCC Intelligent Solutions by 15.3% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,332,305 shares of the company’s stock worth $15,862,000 after acquiring an additional 176,939 shares in the last quarter. Marco Investment Management LLC raised its holdings in shares of CCC Intelligent Solutions by 29.8% in the 4th quarter. Marco Investment Management LLC now owns 13,275 shares of the company’s stock worth $156,000 after acquiring an additional 3,050 shares during the last quarter. Raymond James Financial Inc. bought a new position in CCC Intelligent Solutions in the 4th quarter valued at about $31,020,000. Finally, Arizona State Retirement System boosted its stake in CCC Intelligent Solutions by 1.0% during the 4th quarter. Arizona State Retirement System now owns 117,507 shares of the company’s stock valued at $1,378,000 after purchasing an additional 1,150 shares during the last quarter. 95.79% of the stock is owned by institutional investors and hedge funds.

CCC Intelligent Solutions Stock Performance

Shares of CCC Intelligent Solutions stock opened at $9.21 on Friday. The business’s fifty day simple moving average is $10.70 and its 200 day simple moving average is $11.14. 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 Holdings Inc. has a 12 month low of $8.83 and a 12 month high of $12.88. The firm has a market capitalization of $6.06 billion, a P/E ratio of 460.73 and a beta of 0.73.

CCC Intelligent Solutions announced that its board has approved a stock buyback plan on Friday, December 20th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CCCS. Piper Sandler reissued a “neutral” rating and issued a $11.00 price objective (down from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. JPMorgan Chase & Co. cut CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, CCC Intelligent Solutions presently has a consensus rating of “Moderate Buy” and an average target price of $13.14.

Insider Transactions at CCC Intelligent Solutions

In related news, Director Eric Wei sold 42,000,000 shares of CCC Intelligent Solutions stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.32, for a total value of $433,440,000.00. Following the sale, the director now owns 2,258,343 shares of the company’s stock, valued at approximately $23,306,099.76. The trade was a 94.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Rodney Christo sold 20,077 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.20, for a total value of $204,785.40. The disclosure for this sale can be found here. Company insiders own 6.67% of the company’s stock.

CCC Intelligent Solutions Profile

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.