Telemark Asset Management LLC Reduces Stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Key Points

• Telemark Asset Management LLC reduced its stake in CCC Intelligent Solutions by 65.5%, now owning 500,000 shares after selling 950,000 shares in Q1 2023.
• Analysts have mixed views on the stock, with price targets ranging from $9.00 to $14.00, and a consensus rating of "Hold" with an average target price of $12.07.
• Insider trading revealed that Director Eric Wei sold 30 million shares for $272.4 million, significantly reducing his ownership by 95.05%.

Telemark Asset Management LLC trimmed its stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 65.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 500,000 shares of the company's stock after selling 950,000 shares during the period. Telemark Asset Management LLC owned approximately 0.08% of CCC Intelligent Solutions worth $4,515,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. LPL Financial LLC boosted its holdings in CCC Intelligent Solutions by 290.4% during the 4th quarter. LPL Financial LLC now owns 156,577 shares of the company's stock valued at $1,837,000 after acquiring an additional 116,474 shares during the period. Alliancebernstein L.P. increased its position in CCC Intelligent Solutions by 0.8% during the 4th quarter. Alliancebernstein L.P. now owns 188,631 shares of the company's stock valued at $2,213,000 after buying an additional 1,539 shares in the last quarter. Geode Capital Management LLC grew its position in CCC Intelligent Solutions by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 7,281,891 shares of the company's stock worth $85,442,000 after purchasing an additional 77,631 shares during the last quarter. Wells Fargo & Company MN grew its position in CCC Intelligent Solutions by 3.0% during the 4th quarter. Wells Fargo & Company MN now owns 903,510 shares of the company's stock worth $10,598,000 after purchasing an additional 26,694 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new stake in CCC Intelligent Solutions during the 4th quarter worth approximately $871,000. 95.79% of the stock is owned by institutional investors.

Insider Activity at CCC Intelligent Solutions

In related news, Director Eric Wei sold 30,000,000 shares of the business's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $9.87, for a total value of $296,100,000.00. Following the sale, the director owned 866,345 shares in the company, valued at approximately $8,550,825.15. The trade was a 97.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Timothy A. Welsh acquired 100,000 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average price of $9.03 per share, for a total transaction of $903,000.00. Following the acquisition, the insider directly owned 168,472 shares in the company, valued at approximately $1,521,302.16. This trade represents a 146.05% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 120,005,302 shares of company stock valued at $1,137,051,748 over the last quarter. 6.03% of the stock is owned by insiders.

Analyst Ratings Changes

CCCS has been the topic of a number of research reports. Piper Sandler cut their price objective on CCC Intelligent Solutions from $11.00 to $9.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. JPMorgan Chase & Co. lowered CCC Intelligent Solutions from a "neutral" rating to an "underweight" rating and set a $10.00 target price on the stock. in a report on Monday, June 23rd. The Goldman Sachs Group lowered 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 report on Wednesday, May 7th. Barclays increased their price target on shares of CCC Intelligent Solutions from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Finally, Barrington Research reissued an "outperform" rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a report on Monday, August 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $12.07.

CCC Intelligent Solutions Trading Up 0.6%

CCC Intelligent Solutions stock traded up $0.06 during trading on Tuesday, reaching $9.29. 1,991,159 shares of the company were exchanged, compared to its average volume of 7,571,718. CCC Intelligent Solutions Holdings Inc. has a 52-week low of $8.14 and a 52-week high of $12.88. The company has a market capitalization of $6.05 billion, a P/E ratio of 464.48 and a beta of 0.74. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.19 and a quick ratio of 3.19. The stock's 50 day simple moving average is $9.48 and its two-hundred day simple moving average is $9.47.

CCC Intelligent Solutions (NYSE:CCCS - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.09 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $260.45 million for the quarter, compared to the consensus estimate of $256.21 million. During the same quarter last year, the business posted $0.09 earnings per share. The firm's revenue was up 12.0% compared to the same quarter last year. On average, equities research analysts expect that CCC Intelligent Solutions Holdings Inc. will post 0.17 earnings per share for the current fiscal year.

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.