CCC Intelligent Solutions (NYSE:CCCS) Shares Gap Up Following Earnings Beat

Key Points

• CCC Intelligent Solutions (NYSE:CCCS) experienced a significant stock increase, opening at $10.49 after reporting better than expected quarterly earnings with an EPS of $0.09, surpassing the consensus estimate of $0.08.
• Brokerages have recently adjusted their price targets for CCC Intelligent Solutions, with new ranges from $9.00 to $12.00, while maintaining a consensus rating of "Hold."
• Insider trading activity showed notable movements, including insider Timothy A. Welsh purchasing 100,000 shares and Director Lauren Young selling 30,000,000 shares.

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Get Free Report) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.67, but opened at $10.49. CCC Intelligent Solutions shares last traded at $9.84, with a volume of 1,430,214 shares.

The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $260.45 million for the quarter, compared to analyst estimates of $256.21 million. CCC Intelligent Solutions had a return on equity of 5.35% and a net margin of 5.02%. During the same period in the previous year, the company posted $0.09 earnings per share. The company's quarterly revenue was up 12.0% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CCCS shares. The Goldman Sachs Group cut their price target on shares of CCC Intelligent Solutions from $13.00 to $11.50 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. JPMorgan Chase & Co. downgraded CCC Intelligent Solutions from a "neutral" rating to an "underweight" rating and set a $10.00 price objective for the company. in a report on Monday, June 23rd. Morgan Stanley cut their price target on CCC Intelligent Solutions from $15.00 to $13.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Barrington Research reaffirmed an "outperform" rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Tuesday, July 29th. Finally, Piper Sandler lowered their price target on shares of CCC Intelligent Solutions from $11.00 to $9.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $12.07.

Insiders Place Their Bets

In other CCC Intelligent Solutions news, Director Crescenzo Neil E. De bought 100,000 shares of the stock in a transaction on Friday, May 23rd. The shares were acquired at an average price of $8.54 per share, with a total value of $854,000.00. Following the acquisition, the director directly owned 213,429 shares of the company's stock, valued at $1,822,683.66. The trade was a 88.16% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lauren Young sold 30,000,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $9.08, for a total transaction of $272,400,000.00. Following the completion of the transaction, the director owned 1,562,344 shares of the company's stock, valued at $14,186,083.52. This trade represents a 95.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,005,302 shares of company stock valued at $544,851,748. Company insiders own 6.03% of the company's stock.

Institutional Trading of CCC Intelligent Solutions

Several institutional investors have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. grew its stake in shares of CCC Intelligent Solutions by 6.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 72,967,671 shares of the company's stock worth $658,899,000 after purchasing an additional 4,100,954 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of CCC Intelligent Solutions by 9.9% during the 1st quarter. Vanguard Group Inc. now owns 56,491,007 shares of the company's stock valued at $510,114,000 after buying an additional 5,103,835 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of CCC Intelligent Solutions by 1.4% during the first quarter. Principal Financial Group Inc. now owns 27,303,495 shares of the company's stock valued at $246,551,000 after purchasing an additional 363,944 shares during the last quarter. Brown Advisory Inc. grew its stake in shares of CCC Intelligent Solutions by 30.7% in the first quarter. Brown Advisory Inc. now owns 18,346,792 shares of the company's stock worth $165,672,000 after acquiring an additional 4,313,296 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of CCC Intelligent Solutions by 49.5% during the second quarter. Bessemer Group Inc. now owns 14,805,779 shares of the company's stock valued at $139,321,000 after acquiring an additional 4,903,086 shares in the last quarter. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

CCC Intelligent Solutions Trading Up 0.6%

The stock has a market cap of $6.41 billion, a PE ratio of 486.74 and a beta of 0.74. The firm has a 50-day moving average price of $9.37 and a 200-day moving average price of $9.55. 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 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.