PNC Financial Services Group Inc. Cuts Stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

PNC Financial Services Group Inc. lowered its position in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 58.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 27,715 shares of the company’s stock after selling 39,311 shares during the period. PNC Financial Services Group Inc.’s holdings in CCC Intelligent Solutions were worth $325,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Bank Julius Baer & Co. Ltd Zurich boosted its stake 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 valued at $15,862,000 after purchasing an additional 176,939 shares during the period. Marco Investment Management LLC boosted its stake in shares of CCC Intelligent Solutions by 29.8% during the fourth quarter. Marco Investment Management LLC now owns 13,275 shares of the company’s stock valued at $156,000 after purchasing an additional 3,050 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of CCC Intelligent Solutions during the fourth quarter valued at approximately $31,020,000. Arizona State Retirement System boosted its stake in shares of CCC Intelligent Solutions by 1.0% during the fourth 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 period. Finally, Atria Investments Inc boosted its stake in shares of CCC Intelligent Solutions by 22.2% during the fourth quarter. Atria Investments Inc now owns 94,585 shares of the company’s stock valued at $1,109,000 after purchasing an additional 17,158 shares during the period. Hedge funds and other institutional investors own 95.79% of the company’s stock.

Insiders Place Their Bets

In other CCC Intelligent Solutions news, Director Eric Wei sold 42,000,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.32, for a total value of $433,440,000.00. Following the completion of the transaction, the director now owns 2,258,343 shares in the company, valued at approximately $23,306,099.76. This represents a 94.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eileen Schloss sold 34,055 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $8.98, for a total value of $305,813.90. Following the transaction, the director now owns 54,047 shares of the company’s stock, valued at $485,342.06. The trade was a 38.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,054,132 shares of company stock worth $433,950,599. 6.67% of the stock is owned by corporate insiders.

CCC Intelligent Solutions Price Performance

CCCS opened at $9.00 on Friday. The stock has a fifty day simple moving average of $10.44 and a two-hundred day simple moving average of $11.08. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39. The company has a market cap of $5.92 billion, a price-to-earnings ratio of 450.23 and a beta of 0.73. CCC Intelligent Solutions Holdings Inc. has a 12-month low of $8.83 and a 12-month high of $12.88.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on CCCS shares. Piper Sandler reaffirmed a “neutral” rating and issued a $11.00 price target (down previously from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday, February 26th. Barrington Research reaffirmed an “outperform” rating and issued a $14.00 price target on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Finally, JPMorgan Chase & Co. lowered 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. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.14.

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.