Raymond James Financial Inc. Invests $31.02 Million in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Raymond James Financial Inc. bought a new stake in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,644,513 shares of the company’s stock, valued at approximately $31,020,000. Raymond James Financial Inc. owned about 0.40% of CCC Intelligent Solutions at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Adero Partners LLC lifted its position in shares of CCC Intelligent Solutions by 118.5% in the 3rd quarter. Adero Partners LLC now owns 5,780,925 shares of the company’s stock valued at $63,879,000 after acquiring an additional 3,135,650 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in shares of CCC Intelligent Solutions by 45.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 165,040 shares of the company’s stock valued at $1,824,000 after acquiring an additional 51,607 shares in the last quarter. Norman Fields Gottscho Capital Management LLC lifted its position in shares of CCC Intelligent Solutions by 34.5% in the 4th quarter. Norman Fields Gottscho Capital Management LLC now owns 397,489 shares of the company’s stock valued at $4,663,000 after acquiring an additional 101,885 shares in the last quarter. Barclays PLC lifted its position in shares of CCC Intelligent Solutions by 155.7% in the 3rd quarter. Barclays PLC now owns 109,020 shares of the company’s stock valued at $1,205,000 after acquiring an additional 66,386 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its position in shares of CCC Intelligent Solutions by 12.4% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 558,595 shares of the company’s stock valued at $6,172,000 after acquiring an additional 61,660 shares in the last quarter. 95.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on CCCS. Barrington Research reiterated an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. JPMorgan Chase & Co. lowered shares of CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $14.00 to $11.00 in a research note on Wednesday, February 26th. Finally, Piper Sandler restated a “neutral” rating and set a $11.00 price target (down previously from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $13.14.

Insider Activity at CCC Intelligent Solutions

In related news, Director Eric Wei sold 42,000,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the completion of the sale, the director now directly owns 2,258,343 shares of the company’s stock, valued at $23,306,099.76. The trade was a 94.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Crescenzo Neil E. De purchased 100,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average cost of $12.16 per share, with a total value of $1,216,000.00. Following the completion of the purchase, the director now owns 100,000 shares of the company’s stock, valued at $1,216,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.67% of the stock is currently owned by insiders.

CCC Intelligent Solutions Price Performance

Shares of CCC Intelligent Solutions stock opened at $9.21 on Friday. CCC Intelligent Solutions Holdings Inc. has a twelve month low of $8.83 and a twelve month high of $12.88. The firm has a market cap of $6.06 billion, a P/E ratio of 460.73 and a beta of 0.73. The firm’s 50-day simple moving average is $10.70 and its 200-day simple moving average is $11.14. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19.

CCC Intelligent Solutions declared that its Board of Directors has initiated a share buyback plan on Friday, December 20th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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.