Millennium Management LLC Grows Stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Millennium Management LLC grew its stake in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 13,733.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,279,474 shares of the company's stock after acquiring an additional 2,262,996 shares during the period. Millennium Management LLC owned about 0.35% of CCC Intelligent Solutions worth $26,738,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. BNP Paribas Financial Markets purchased a new position in CCC Intelligent Solutions in the fourth quarter valued at approximately $1,699,000. UMB Bank n.a. bought a new stake in shares of CCC Intelligent Solutions in the fourth quarter valued at $28,000. Conestoga Capital Advisors LLC lifted its position in shares of CCC Intelligent Solutions by 29.0% during the 4th quarter. Conestoga Capital Advisors LLC now owns 12,261,035 shares of the company's stock valued at $143,822,000 after buying an additional 2,752,950 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of 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 acquiring an additional 26,694 shares during the period. Finally, KBC Group NV grew its stake in shares of CCC Intelligent Solutions by 55.9% during the 4th quarter. KBC Group NV now owns 16,075 shares of the company's stock worth $189,000 after acquiring an additional 5,761 shares during the period. Hedge funds and other institutional investors own 95.79% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CCCS shares. JPMorgan Chase & Co. cut CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. 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 on the stock in a research note on Wednesday, May 7th. Morgan Stanley dropped their price target on shares of CCC Intelligent Solutions from $15.00 to $13.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Piper Sandler dropped 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 note on Wednesday, May 7th. Finally, Barrington Research restated an "outperform" rating and set a $14.00 price target on shares of CCC Intelligent Solutions in a research note on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.19.

Insider Buying and Selling

In related news, insider Timothy A. Welsh purchased 100,000 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were purchased at an average price of $9.03 per share, with a total value of $903,000.00. Following the acquisition, the insider now directly owns 168,472 shares of the company's stock, valued at approximately $1,521,302.16. This represents a 146.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric Wei sold 42,000,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the completion of the transaction, the director now directly owns 2,258,343 shares in the company, valued at $23,306,099.76. The trade was a 94.90% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,087,456 shares of company stock valued at $434,240,401. Company insiders own 6.03% of the company's stock.

CCC Intelligent Solutions Stock Performance

Shares of CCCS stock opened at $9.15 on Tuesday. The firm's 50 day moving average is $8.95 and its 200 day moving average is $10.50. 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 stock has a market capitalization of $6.03 billion, a P/E ratio of 457.73 and a beta of 0.76. CCC Intelligent Solutions Holdings Inc. has a 12 month low of $8.14 and a 12 month high of $12.88.

CCC Intelligent Solutions (NYSE:CCCS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.08 earnings per share for the quarter, hitting analysts' consensus estimates of $0.08. The business had revenue of $251.57 million for the quarter, compared to analyst estimates of $249.87 million. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. CCC Intelligent Solutions's revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.09 EPS. On average, sell-side analysts anticipate that CCC Intelligent Solutions Holdings Inc. will post 0.17 earnings per share for the current year.

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.

Want to see what other hedge funds are holding CCCS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.