Allspring Global Investments Holdings LLC trimmed its position in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 27.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,866,931 shares of the company's stock after selling 2,197,511 shares during the period. Allspring Global Investments Holdings LLC owned 0.89% of CCC Intelligent Solutions worth $53,154,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund increased its stake in shares of CCC Intelligent Solutions by 75.4% during the first quarter. Illinois Municipal Retirement Fund now owns 259,714 shares of the company's stock worth $2,345,000 after purchasing an additional 111,615 shares during the period. Bessemer Group Inc. grew its holdings in CCC Intelligent Solutions by 1.5% in the 1st quarter. Bessemer Group Inc. now owns 9,902,693 shares of the company's stock valued at $89,421,000 after buying an additional 143,907 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in CCC Intelligent Solutions by 13.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 633,432 shares of the company's stock valued at $5,720,000 after buying an additional 76,522 shares in the last quarter. Norris Perne & French LLP MI increased its position in CCC Intelligent Solutions by 10.2% during the 1st quarter. Norris Perne & French LLP MI now owns 417,415 shares of the company's stock worth $3,769,000 after buying an additional 38,646 shares during the period. Finally, Conestoga Capital Advisors LLC lifted its holdings in shares of CCC Intelligent Solutions by 1.5% during the first quarter. Conestoga Capital Advisors LLC now owns 12,439,365 shares of the company's stock worth $112,327,000 after buying an additional 178,330 shares in the last quarter. 95.79% of the stock is owned by institutional investors.
CCC Intelligent Solutions Price Performance
Shares of NYSE CCCS traded up $0.21 during trading hours on Thursday, hitting $9.82. 4,448,992 shares of the stock were exchanged, compared to its average volume of 5,453,576. The company's fifty day simple moving average is $9.04 and its two-hundred day simple moving average is $9.85. The company has a market cap of $6.47 billion, a PE ratio of 491.00 and a beta of 0.73. 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 Holdings Inc. has a 1-year low of $8.14 and a 1-year high of $12.88.
CCC Intelligent Solutions (NYSE:CCCS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.08 earnings per share for the quarter, meeting analysts' consensus estimates of $0.08. CCC Intelligent Solutions had a return on equity of 5.35% and a net margin of 5.02%. The firm had revenue of $251.57 million for the quarter, compared to the consensus estimate of $249.87 million. During the same quarter last year, the business posted $0.09 EPS. The company's revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts predict that CCC Intelligent Solutions Holdings Inc. will post 0.17 EPS for the current year.
Insiders Place Their Bets
In other news, insider Timothy A. Welsh acquired 100,000 shares of CCC Intelligent Solutions stock in a transaction that occurred on Wednesday, May 14th. The shares were acquired at an average price of $9.03 per share, for a total transaction of $903,000.00. Following the transaction, the insider directly owned 168,472 shares of the company's stock, valued at approximately $1,521,302.16. The trade was a 146.05% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lauren Young sold 30,000,000 shares of the stock in a transaction dated 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 transaction, the director 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 own 6.03% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms recently commented on CCCS. 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. Barrington Research restated an "outperform" rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research report on Wednesday, May 7th. The Goldman Sachs Group dropped 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 research report on Wednesday, May 7th. 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 research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. lowered CCC Intelligent Solutions from a "neutral" rating to an "underweight" rating and set a $10.00 price objective on the stock. in a research note on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, CCC Intelligent Solutions currently has an average rating of "Moderate Buy" and a consensus price target of $12.06.
Read Our Latest Analysis on CCCS
CCC Intelligent Solutions Company Profile
(
Free Report)
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.
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