CCC Intelligent Solutions (NYSE:CCCS) Downgraded by JPMorgan Chase & Co. to Neutral

CCC Intelligent Solutions (NYSE:CCCS) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Wednesday, MarketBeat reports. They presently have a $11.00 target price on the stock, down from their prior target price of $14.00. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 5.47% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Barclays reduced their price target on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $13.00 target price on shares of CCC Intelligent Solutions in a report on Wednesday, December 11th. Barrington Research reaffirmed an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a report on Monday. Finally, Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $14.00 to $15.00 in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, CCC Intelligent Solutions has a consensus rating of “Moderate Buy” and an average price target of $13.38.

CCC Intelligent Solutions Stock Up 1.2 %

Shares of CCCS opened at $10.43 on Wednesday. The stock has a market capitalization of $6.84 billion, a PE ratio of 521.76 and a beta of 0.71. CCC Intelligent Solutions has a 1 year low of $9.79 and a 1 year high of $12.88. 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 company’s 50-day simple moving average is $11.17 and its 200-day simple moving average is $11.22.

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

Insider Buying and Selling at CCC Intelligent Solutions

In related news, Director Crescenzo Neil E. De purchased 100,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were bought at an average cost of $12.16 per share, for a total transaction of $1,216,000.00. Following the completion of the purchase, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $1,216,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.67% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CCC Intelligent Solutions

A number of hedge funds have recently modified their holdings of CCCS. Eagle Bay Advisors LLC purchased a new position in shares of CCC Intelligent Solutions during the fourth quarter worth approximately $25,000. UMB Bank n.a. purchased a new position in shares of CCC Intelligent Solutions during the fourth quarter worth approximately $28,000. TD Private Client Wealth LLC purchased a new position in shares of CCC Intelligent Solutions during the fourth quarter worth approximately $31,000. Advisors Asset Management Inc. grew its position in shares of CCC Intelligent Solutions by 153.0% during the third quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock worth $32,000 after acquiring an additional 1,729 shares during the last quarter. Finally, Quarry LP purchased a new position in shares of CCC Intelligent Solutions during the fourth quarter worth approximately $36,000. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

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.