CCC Intelligent Solutions (NYSE:CCCS) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays has increased its price target for CCC Intelligent Solutions from $11.00 to $12.00, suggesting a potential upside of 23.10% from the current stock price.
• Despite mixed ratings from analysts, the consensus rating for CCC Intelligent Solutions remains a "Hold," with a current average target price of approximately $12.07.
• Significant insider transactions were reported, with multiple directors selling 30 million shares each, marking a 95.05% decrease in their ownership stake.

CCC Intelligent Solutions (NYSE:CCCS - Get Free Report) had its target price raised by investment analysts at Barclays from $11.00 to $12.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Barclays's price target points to a potential upside of 20.48% from the stock's previous close.

CCCS has been the topic of several other research reports. Piper Sandler dropped their price objective on shares of CCC Intelligent Solutions from $11.00 to $9.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. JPMorgan Chase & Co. lowered 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. Barrington Research reissued an "outperform" rating and set a $14.00 price objective on shares of CCC Intelligent Solutions in a research report on Tuesday, July 29th. The Goldman Sachs Group dropped their target price on 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. Finally, Morgan Stanley reduced 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $12.07.

CCC Intelligent Solutions Price Performance

CCC Intelligent Solutions stock traded up $0.33 during trading hours on Friday, hitting $9.96. 8,343,302 shares of the company traded hands, compared to its average volume of 7,481,440. CCC Intelligent Solutions has a 1-year low of $8.14 and a 1-year high of $12.88. The firm has a market cap of $6.56 billion, a P/E ratio of 498.25 and a beta of 0.74. The firm's 50-day simple moving average is $9.40 and its two-hundred day simple moving average is $9.53. 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 Thursday, July 31st. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. CCC Intelligent Solutions had a return on equity of 5.35% and a net margin of 5.02%. The business had revenue of $260.45 million during the quarter, compared to the consensus estimate of $256.21 million. During the same period in the prior year, the business posted $0.09 earnings per share. CCC Intelligent Solutions's revenue was up 12.0% compared to the same quarter last year. As a group, analysts forecast that CCC Intelligent Solutions will post 0.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CCC Intelligent Solutions news, insider Timothy A. Welsh purchased 100,000 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were bought at an average cost of $9.03 per share, with a total value of $903,000.00. Following the transaction, the insider directly owned 168,472 shares in the company, valued at approximately $1,521,302.16. This represents a 146.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lauren Young sold 30,000,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 1,562,344 shares of the company's stock, valued at $14,186,083.52. This represents a 95.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,005,302 shares of company stock worth $544,851,748 in the last ninety days. 6.03% of the stock is owned by insiders.

Institutional Trading of CCC Intelligent Solutions

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP bought a new stake in CCC Intelligent Solutions in the fourth quarter valued at about $36,000. Park Place Capital Corp raised its holdings 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 worth $36,000 after buying an additional 1,228 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in CCC Intelligent Solutions in the 1st quarter valued at $37,000. AlphaQuest LLC bought a new position in shares of CCC Intelligent Solutions during the first quarter valued at $47,000. Finally, Advisors Asset Management Inc. boosted its stake in shares of CCC Intelligent Solutions by 40.4% in the 1st quarter. Advisors Asset Management Inc. now owns 6,599 shares of the company's stock valued at $60,000 after purchasing an additional 1,898 shares in the last quarter. 95.79% of the stock is currently owned by institutional investors and hedge funds.

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.