Principal Financial Group Inc. Acquires 363,944 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Principal Financial Group Inc. grew its holdings in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 1.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,303,495 shares of the company's stock after buying an additional 363,944 shares during the period. Principal Financial Group Inc. owned 4.14% of CCC Intelligent Solutions worth $246,551,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. raised its holdings in CCC Intelligent Solutions by 6.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 68,866,717 shares of the company's stock worth $807,807,000 after buying an additional 4,060,284 shares during the last quarter. Vanguard Group Inc. increased its position in shares of CCC Intelligent Solutions by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 51,387,172 shares of the company's stock valued at $602,772,000 after acquiring an additional 847,334 shares in the last quarter. Brown Advisory Inc. increased its position in shares of CCC Intelligent Solutions by 2.2% during the fourth quarter. Brown Advisory Inc. now owns 14,033,496 shares of the company's stock valued at $164,613,000 after acquiring an additional 299,943 shares in the last quarter. Conestoga Capital Advisors LLC raised its holdings in CCC Intelligent Solutions by 1.5% in the 1st quarter. Conestoga Capital Advisors LLC now owns 12,439,365 shares of the company's stock worth $112,327,000 after acquiring an additional 178,330 shares during the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of CCC Intelligent Solutions by 1.5% during the first 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 during the last quarter. 95.79% of the stock is currently owned by hedge funds and other institutional investors.

CCC Intelligent Solutions Stock Performance

CCC Intelligent Solutions stock traded down $0.05 during midday trading on Monday, hitting $9.70. The stock had a trading volume of 6,823,418 shares, compared to its average volume of 7,791,211. 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 $6.39 billion, a PE ratio of 485.24 and a beta of 0.74. The firm's fifty day moving average is $9.07 and its two-hundred day moving average is $9.79. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 0.39.

CCC Intelligent Solutions (NYSE:CCCS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. The firm had revenue of $251.57 million for the quarter, compared to the consensus estimate of $249.87 million. During the same period last year, the firm earned $0.09 EPS. The company's revenue was up 10.7% on a year-over-year basis. On average, research analysts forecast that CCC Intelligent Solutions Holdings Inc. will post 0.17 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Piper Sandler lowered 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 report on Wednesday, May 7th. Barrington Research reissued an "outperform" rating and set a $14.00 price target on shares of CCC Intelligent Solutions 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 price objective for the company. in a report on Monday, June 23rd. Barclays lowered their target price on CCC Intelligent Solutions from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Monday, April 14th. Finally, 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $12.06.

Insiders Place Their Bets

In related news, insider Timothy A. Welsh purchased 100,000 shares of CCC Intelligent Solutions stock in a transaction on Wednesday, May 14th. The shares were bought at an average cost of $9.03 per share, for a total transaction of $903,000.00. Following the acquisition, the insider owned 168,472 shares in the company, valued at approximately $1,521,302.16. The trade was a 146.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eric Wei sold 30,000,000 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was 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 owned 1,562,344 shares in the company, 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. Company insiders own 6.03% of the company's stock.

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.