CCC Intelligent Solutions (NYSE:CCCS) Shares Gap Down - Time to Sell?

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $9.23, but opened at $8.75. CCC Intelligent Solutions shares last traded at $8.69, with a volume of 3,475,481 shares trading hands.

Analysts Set New Price Targets

CCCS has been the subject of a number of recent research reports. Barrington Research reiterated an "outperform" rating and set a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Wednesday, May 7th. Piper Sandler decreased their price target on CCC Intelligent Solutions from $11.00 to $9.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Barclays decreased their price target on CCC Intelligent Solutions from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group cut their price objective on CCC Intelligent Solutions from $13.00 to $11.50 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $14.00 to $11.00 in a report on Wednesday, February 26th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $12.19.

CCC Intelligent Solutions Stock Down 5.6%

The firm has a market cap of $5.74 billion, a PE ratio of 435.97 and a beta of 0.76. The business has a 50-day moving average price of $8.95 and a two-hundred day moving average price of $10.49. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.39.

CCC Intelligent Solutions (NYSE:CCCS - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. The business had revenue of $251.57 million during the quarter, compared to the consensus estimate of $249.87 million. During the same quarter in the prior year, the firm earned $0.09 earnings per share. The business's quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts expect that CCC Intelligent Solutions Holdings Inc. will post 0.17 EPS for the current year.

Insider Activity at CCC Intelligent Solutions

In other news, Director Eric Wei sold 42,000,000 shares of the business's stock in a transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Rodney Christo sold 5,846 shares of CCC Intelligent Solutions stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $9.15, for a total transaction of $53,490.90. The disclosure for this sale can be found here. Insiders sold a total of 42,087,456 shares of company stock worth $434,240,401 over the last 90 days. Company insiders own 6.03% of the company's stock.

Institutional Investors Weigh In On CCC Intelligent Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its stake in CCC Intelligent Solutions by 5.9% during the 4th quarter. CIBC Asset Management Inc now owns 19,046 shares of the company's stock worth $223,000 after buying an additional 1,054 shares during the period. Berry Wealth Group LP increased its position in shares of CCC Intelligent Solutions by 5.8% in the 4th quarter. Berry Wealth Group LP now owns 20,224 shares of the company's stock worth $237,000 after purchasing an additional 1,109 shares during the last quarter. Arizona State Retirement System increased its position in shares of CCC Intelligent Solutions by 1.0% in the 4th quarter. Arizona State Retirement System now owns 117,507 shares of the company's stock worth $1,378,000 after purchasing an additional 1,150 shares during the last quarter. Amalgamated Bank grew its position in shares of CCC Intelligent Solutions by 4.9% during the 1st quarter. Amalgamated Bank now owns 24,885 shares of the company's stock valued at $225,000 after buying an additional 1,163 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its position in shares of CCC Intelligent Solutions by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 198,807 shares of the company's stock valued at $2,332,000 after buying an additional 1,250 shares during the last quarter. Hedge funds and other institutional investors own 95.79% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.