KLP Kapitalforvaltning AS Acquires New Stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

KLP Kapitalforvaltning AS bought a new stake in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) in the fourth quarter, Holdings Channel reports. The firm bought 84,900 shares of the company’s stock, valued at approximately $996,000.

Several other institutional investors also recently bought and sold shares of CCCS. Teachers Retirement System of The State of Kentucky boosted its stake in shares of CCC Intelligent Solutions by 45.5% in the third 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 purchasing an additional 51,607 shares during the period. Norman Fields Gottscho Capital Management LLC lifted its holdings in CCC Intelligent Solutions by 34.5% during the 4th quarter. Norman Fields Gottscho Capital Management LLC now owns 397,489 shares of the company’s stock worth $4,663,000 after buying an additional 101,885 shares in the last quarter. Barclays PLC boosted its position in 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 buying an additional 66,386 shares during the period. HighTower Advisors LLC grew its stake in shares of CCC Intelligent Solutions by 1,355.0% in the third quarter. HighTower Advisors LLC now owns 602,797 shares of the company’s stock worth $6,662,000 after acquiring an additional 561,367 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of CCC Intelligent Solutions by 23.3% during the third quarter. JPMorgan Chase & Co. now owns 453,911 shares of the company’s stock worth $5,016,000 after acquiring an additional 85,725 shares during the period. 95.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CCCS has been the subject of several analyst reports. JPMorgan Chase & Co. cut CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $14.00 to $11.00 in a research note on Wednesday, February 26th. Piper Sandler reissued a “neutral” rating and set a $11.00 price objective (down from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a report on Monday, February 24th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, CCC Intelligent Solutions has an average rating of “Moderate Buy” and a consensus price target of $13.14.

CCC Intelligent Solutions Price Performance

Shares of NYSE CCCS opened at $8.92 on Monday. The stock’s 50-day simple moving average is $10.24 and its 200-day simple moving average is $11.04. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.19 and a current ratio of 3.19. The firm has a market capitalization of $5.87 billion, a PE ratio of 446.22 and a beta of 0.73. CCC Intelligent Solutions Holdings Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $12.88.

CCC Intelligent Solutions declared that its Board of Directors has approved a share repurchase plan on Friday, December 20th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other CCC Intelligent Solutions news, Director Eric Wei sold 42,000,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the transaction, the director now owns 2,258,343 shares of the company’s stock, valued at approximately $23,306,099.76. This trade represents a 94.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eileen Schloss sold 34,055 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $8.98, for a total value of $305,813.90. Following the completion of the sale, the director now directly 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 quarter, insiders have sold 42,059,978 shares of company stock valued at $434,004,090. 6.67% of the stock is owned by corporate insiders.

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.