CCC Intelligent Solutions (NYSE:CCCS) Earns “Neutral” Rating from Piper Sandler

CCC Intelligent Solutions (NYSE:CCCS)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Piper Sandler in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $13.00 target price on the stock. Piper Sandler’s target price points to a potential upside of 6.21% from the stock’s previous close.

CCCS has been the subject of a number of other research reports. Bank of America initiated coverage on CCC Intelligent Solutions in a research report on Tuesday, August 20th. They issued a “buy” rating and a $15.00 target price for the company. Barclays reduced their target price on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a 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 note on Tuesday, October 29th. Morgan Stanley raised CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $14.00 to $15.00 in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. boosted their target price on CCC Intelligent Solutions from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.89.

CCC Intelligent Solutions Stock Performance

Shares of CCCS opened at $12.24 on Wednesday. The stock has a 50-day moving average price of $11.57 and a 200-day moving average price of $11.18. The company has a market cap of $7.66 billion, a PE ratio of 612.00, a price-to-earnings-growth ratio of 6.98 and a beta of 0.70. 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 has a 12-month low of $9.79 and a 12-month high of $12.88.

CCC Intelligent Solutions (NYSE:CCCS) last released its earnings results on Monday, October 28th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. CCC Intelligent Solutions had a return on equity of 5.35% and a net margin of 5.02%. The business had revenue of $238.48 million for the quarter, compared to analysts’ expectations of $237.41 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. The firm’s revenue was up 7.8% on a year-over-year basis. As a group, equities analysts forecast that CCC Intelligent Solutions will post 0.17 earnings per share for the current fiscal year.

Insider Activity at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, insider Githesh Ramamurthy sold 9,348 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $11.50, for a total value of $107,502.00. Following the completion of the sale, the insider now directly owns 4,798,040 shares in the company, valued at $55,177,460. This trade represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Rodney Christo sold 9,916 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $12.67, for a total value of $125,635.72. The disclosure for this sale can be found here. Insiders have sold a total of 443,153 shares of company stock worth $5,390,863 in the last 90 days. Company insiders own 6.67% of the company’s stock.

Hedge Funds Weigh In On CCC Intelligent Solutions

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ghisallo Capital Management LLC purchased a new position in shares of CCC Intelligent Solutions during the second quarter valued at approximately $132,917,000. Principal Financial Group Inc. boosted its holdings in CCC Intelligent Solutions by 37.8% in the second quarter. Principal Financial Group Inc. now owns 25,250,230 shares of the company’s stock worth $280,530,000 after acquiring an additional 6,921,161 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of CCC Intelligent Solutions in the second quarter worth $70,844,000. Van Berkom & Associates Inc. bought a new position in shares of CCC Intelligent Solutions during the second quarter valued at $61,605,000. Finally, Wasatch Advisors LP raised its position in shares of CCC Intelligent Solutions by 49.1% in the 3rd quarter. Wasatch Advisors LP now owns 14,331,030 shares of the company’s stock worth $158,358,000 after purchasing an additional 4,716,587 shares during the last quarter. Hedge funds and other institutional investors own 95.79% of the company’s stock.

CCC Intelligent Solutions Company 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.