CCC Intelligent Solutions (NYSE:CCCS) Rating Lowered to “Neutral” at JPMorgan Chase & Co.

CCC Intelligent Solutions (NYSE:CCCS) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Wednesday,Briefing.com Automated Import reports. They currently have a $11.00 price target on the stock, down from their prior price target of $14.00. JPMorgan Chase & Co.‘s target price points to a potential upside of 6.80% from the stock’s current price.

CCCS has been the topic of several other reports. Piper Sandler reissued a “neutral” rating and issued a $13.00 target price on shares of CCC Intelligent Solutions in a report on Wednesday, December 11th. Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $14.00 to $15.00 in a research note on Wednesday, November 13th. Barrington Research restated an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Monday. Finally, Barclays decreased their price target on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 29th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, CCC Intelligent Solutions has a consensus rating of “Moderate Buy” and a consensus price target of $13.63.

CCC Intelligent Solutions Stock Performance

CCCS opened at $10.30 on Wednesday. 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 has a 52-week low of $9.79 and a 52-week high of $12.88. The firm has a market cap of $6.76 billion, a P/E ratio of 515.26 and a beta of 0.71. The business’s fifty day moving average is $11.23 and its 200-day moving average is $11.23.

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

Insider Activity

In related news, Director Crescenzo Neil E. De bought 100,000 shares of the business’s stock in a transaction on Friday, December 20th. The shares were purchased at an average cost of $12.16 per share, with a total value of $1,216,000.00. Following the acquisition, the director now owns 100,000 shares of the company’s stock, valued at $1,216,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.67% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CCC Intelligent Solutions

A number of hedge funds and other institutional investors have recently made changes to their positions in CCCS. Adero Partners LLC boosted its position in shares of CCC Intelligent Solutions by 118.5% during the 3rd quarter. Adero Partners LLC now owns 5,780,925 shares of the company’s stock worth $63,879,000 after purchasing an additional 3,135,650 shares in the last quarter. Norman Fields Gottscho Capital Management LLC raised its position in shares of CCC Intelligent Solutions by 34.5% in the fourth quarter. Norman Fields Gottscho Capital Management LLC now owns 397,489 shares of the company’s stock valued at $4,663,000 after purchasing an additional 101,885 shares during the period. Teachers Retirement System of The State of Kentucky grew its position 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 in the last quarter. Barclays PLC increased its position in shares of CCC Intelligent Solutions by 155.7% during the third 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. Finally, Oppenheimer Asset Management Inc. boosted its holdings in 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 purchasing an additional 61,660 shares during the period. 95.79% of the stock is owned by institutional investors and hedge funds.

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.