CCC Intelligent Solutions (NYSE:CCCS) Shares Gap Up After 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)'s share price gapped up prior to trading 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 trading hands.

The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. The firm had revenue of $260.45 million during the quarter, compared to analysts' expectations of $256.21 million. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. The business's revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.09 earnings per share.

Analyst Ratings Changes

CCCS has been the subject of a number of analyst reports. Morgan Stanley decreased their price objective on shares of CCC Intelligent Solutions from $15.00 to $13.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. cut shares of CCC Intelligent Solutions from a "neutral" rating to an "underweight" rating and set a $10.00 price target for the company. in a report on Monday, June 23rd. Barclays upped their price target on shares of CCC Intelligent Solutions from $11.00 to $12.00 and gave the company an "equal weight" rating in a report on Friday. The Goldman Sachs Group reduced their price target on shares of 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, Barrington Research reiterated an "outperform" rating and issued a $14.00 price target on shares of CCC Intelligent Solutions in a report on Monday. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, CCC Intelligent Solutions currently has an average rating of "Hold" and a consensus target price of $12.07.

Insider Activity

In other CCC Intelligent Solutions news, Director Eric Wei sold 30,000,000 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $9.08, for a total value of $272,400,000.00. Following the transaction, the director directly owned 1,562,344 shares in the company, valued at $14,186,083.52. The trade was a 95.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Crescenzo Neil E. De acquired 100,000 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was bought at an average price of $8.54 per share, for a total transaction of $854,000.00. Following the completion of the acquisition, the director owned 213,429 shares of the company's stock, valued at approximately $1,822,683.66. The trade was a 88.16% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 60,005,302 shares of company stock valued at $544,851,748. 6.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CCC Intelligent Solutions

Large investors have recently bought and sold shares of the company. Quarry LP acquired a new stake in CCC Intelligent Solutions during the fourth quarter worth about $36,000. Park Place Capital Corp boosted its stake in shares of CCC Intelligent Solutions by 47.6% in the 2nd quarter. Park Place Capital Corp now owns 3,806 shares of the company's stock valued at $36,000 after purchasing an additional 1,228 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of CCC Intelligent Solutions in the 1st quarter valued at approximately $37,000. AlphaQuest LLC acquired a new stake in shares of CCC Intelligent Solutions in the 1st quarter valued at approximately $47,000. Finally, SVB Wealth LLC acquired a new stake in shares of CCC Intelligent Solutions in the 1st quarter valued at approximately $60,000. 95.79% of the stock is currently owned by institutional investors and hedge funds.

CCC Intelligent Solutions Trading Up 3.4%

The business's 50 day moving average price is $9.40 and its two-hundred day moving average price is $9.53. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $6.56 billion, a price-to-earnings ratio of 498.25 and a beta of 0.74.

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.