CCC Intelligent Solutions (NYSE:CCCS) Shares Gap Down Following Analyst Downgrade

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) shares gapped down prior to trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $14.00 to $13.00. The stock had previously closed at $10.95, but opened at $10.50. JPMorgan Chase & Co. currently has an overweight rating on the stock. CCC Intelligent Solutions shares last traded at $10.90, with a volume of 709,709 shares changing hands.

A number of other brokerages have also issued reports on CCCS. Bank of America started coverage on shares of CCC Intelligent Solutions in a research note on Tuesday, August 20th. They issued a “buy” rating and a $15.00 price target for the company. Barclays dropped their target price on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday. Jefferies Financial Group reduced their price target on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, Barrington Research reissued an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Tuesday. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.56.

Insider Buying and Selling

In other CCC Intelligent Solutions news, Director Eileen Schloss sold 99,925 shares of CCC Intelligent Solutions stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $9.89, for a total value of $988,258.25. Following the completion of the transaction, the director now directly owns 54,047 shares in the company, valued at $534,524.83. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Mary Jo Prigge sold 38,816 shares of CCC Intelligent Solutions stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $10.25, for a total value of $397,864.00. Following the sale, the insider now directly owns 97,268 shares in the company, valued at $996,997. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eileen Schloss sold 99,925 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $9.89, for a total transaction of $988,258.25. Following the transaction, the director now directly owns 54,047 shares of the company’s stock, valued at $534,524.83. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 213,323 shares of company stock worth $2,157,354 over the last quarter. 6.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On CCC Intelligent Solutions

Hedge funds have recently made changes to their positions in the business. American International Group Inc. raised its stake in CCC Intelligent Solutions by 68.6% during the 1st quarter. American International Group Inc. now owns 2,789 shares of the company’s stock valued at $33,000 after acquiring an additional 1,135 shares in the last quarter. CWM LLC increased its holdings in shares of CCC Intelligent Solutions by 352.6% during the second quarter. CWM LLC now owns 3,105 shares of the company’s stock valued at $34,000 after purchasing an additional 2,419 shares during the period. Twin Tree Management LP bought a new stake in shares of CCC Intelligent Solutions during the first quarter valued at about $53,000. Quarry LP lifted its holdings in CCC Intelligent Solutions by 304.0% in the second quarter. Quarry LP now owns 11,219 shares of the company’s stock worth $125,000 after purchasing an additional 8,442 shares during the period. Finally, Parkside Financial Bank & Trust grew its position in CCC Intelligent Solutions by 15.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 11,849 shares of the company’s stock valued at $132,000 after buying an additional 1,564 shares in the last quarter. Institutional investors own 95.79% of the company’s stock.

CCC Intelligent Solutions Stock Performance

The stock has a market cap of $6.80 billion, a price-to-earnings ratio of -52.05, a PEG ratio of 6.26 and a beta of 0.62. The company’s 50 day simple moving average is $10.85 and its 200 day simple moving average is $11.02. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.79 and a current ratio of 2.79.

CCC Intelligent Solutions (NYSE:CCCS) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $238.48 million for the quarter, compared to analyst estimates of $237.41 million. CCC Intelligent Solutions had a net margin of 2.36% and a return on equity of 5.16%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $0.03 earnings per share. On average, equities research analysts anticipate that CCC Intelligent Solutions Holdings Inc. will post 0.16 earnings per share for the current year.

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.