Massachusetts Financial Services Co. MA Sells 408,435 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Massachusetts Financial Services Co. MA cut its holdings in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 6.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,121,502 shares of the company's stock after selling 408,435 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.93% of CCC Intelligent Solutions worth $55,277,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. TD Private Client Wealth LLC bought a new position in CCC Intelligent Solutions during the fourth quarter valued at $31,000. Quarry LP purchased a new position in shares of CCC Intelligent Solutions during the 4th quarter valued at approximately $36,000. Valeo Financial Advisors LLC purchased a new position in CCC Intelligent Solutions in the 1st quarter valued at $100,000. Curated Wealth Partners LLC raised its holdings in shares of CCC Intelligent Solutions by 42.1% during the 1st quarter. Curated Wealth Partners LLC now owns 14,268 shares of the company's stock worth $129,000 after acquiring an additional 4,224 shares during the period. Finally, Sagespring Wealth Partners LLC acquired a new stake in shares of CCC Intelligent Solutions during the 4th quarter worth about $133,000. 95.79% of the stock is owned by hedge funds and other institutional investors.

CCC Intelligent Solutions Stock Up 3.1%

Shares of NYSE:CCCS opened at $9.84 on Friday. The stock has a market capitalization of $6.49 billion, a P/E ratio of 492.25 and a beta of 0.74. CCC Intelligent Solutions Holdings Inc. has a 1 year low of $8.14 and a 1 year high of $12.88. The stock has a 50-day simple moving average of $9.18 and a 200-day simple moving average of $9.68. 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 (NYSE:CCCS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 during the quarter, compared to the consensus estimate of $249.87 million. During the same period in the prior year, the business earned $0.09 EPS. The business's revenue for the quarter was up 10.7% on a year-over-year basis. Equities analysts forecast that CCC Intelligent Solutions Holdings Inc. will post 0.17 earnings per share for the current year.

Insider Transactions at CCC Intelligent Solutions

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CCCS. Barrington Research restated an "outperform" rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research report on Wednesday, May 7th. The Goldman Sachs Group decreased their target price on 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. Piper Sandler reduced their price objective on CCC Intelligent Solutions from $11.00 to $9.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. 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 research report 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 target price on the stock. in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $12.06.

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.

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