CCC Intelligent Solutions (NYSE:CCCS) to Buyback $300.00 million in Outstanding Stock

CCC Intelligent Solutions (NYSE:CCCS) announced that its Board of Directors has initiated a stock repurchase program on Friday, December 20th, RTT News reports. The company plans to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

CCC Intelligent Solutions Trading Up 2.2 %

CCC Intelligent Solutions stock opened at $12.05 on Friday. CCC Intelligent Solutions has a 12-month low of $9.79 and a 12-month 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 market capitalization of $7.54 billion, a PE ratio of 602.80, a price-to-earnings-growth ratio of 6.80 and a beta of 0.71. The firm has a 50 day simple moving average of $11.73 and a 200-day simple moving average of $11.20.

CCC Intelligent Solutions (NYSE:CCCS) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.10 earnings per share (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 firm had revenue of $238.48 million during the quarter, compared to analyst estimates of $237.41 million. During the same period last year, the company posted $0.03 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts expect that CCC Intelligent Solutions will post 0.17 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CCCS. Barrington Research restated an “outperform” rating and set a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Tuesday, October 29th. Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on shares of CCC Intelligent Solutions from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Piper Sandler restated a “neutral” rating and issued a $13.00 price target on shares of CCC Intelligent Solutions in a research note on Wednesday, December 11th. Finally, Barclays reduced their price objective on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 29th. Two equities 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.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.89.

Insider Buying and Selling

In related news, CAO Rodney Christo sold 9,916 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $12.67, for a total transaction of $125,635.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mary Jo Prigge sold 19,276 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $12.67, for a total value of $244,226.92. Following the completion of the transaction, the insider now directly owns 97,268 shares in the company, valued at $1,232,385.56. This represents a 16.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 443,153 shares of company stock valued at $5,390,863 over the last three months. Company insiders own 6.67% 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.