Royal Bank of Canada Purchases 344,771 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Royal Bank of Canada raised its position in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 24.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,745,211 shares of the company's stock after purchasing an additional 344,771 shares during the period. Royal Bank of Canada owned 0.27% of CCC Intelligent Solutions worth $20,471,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. UMB Bank n.a. bought a new position in CCC Intelligent Solutions during the fourth quarter valued at about $28,000. TD Private Client Wealth LLC bought a new position in shares of CCC Intelligent Solutions in the 4th quarter valued at approximately $31,000. Quarry LP acquired a new stake in CCC Intelligent Solutions in the 4th quarter worth approximately $36,000. First Horizon Advisors Inc. boosted its position in CCC Intelligent Solutions by 90.0% during the fourth quarter. First Horizon Advisors Inc. now owns 5,922 shares of the company's stock worth $69,000 after purchasing an additional 2,805 shares during the period. Finally, Smartleaf Asset Management LLC grew its holdings in CCC Intelligent Solutions by 27.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 7,258 shares of the company's stock valued at $86,000 after purchasing an additional 1,546 shares during the last quarter. 95.79% of the stock is currently owned by institutional investors and hedge funds.

CCC Intelligent Solutions Stock Performance

CCCS stock traded up $0.31 during trading on Tuesday, reaching $8.78. 12,491,831 shares of the stock were exchanged, compared to its average volume of 5,049,257. CCC Intelligent Solutions Holdings Inc. has a twelve month low of $8.14 and a twelve month high of $12.88. 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 company has a market capitalization of $5.79 billion, a P/E ratio of 439.22 and a beta of 0.76. The stock has a 50 day simple moving average of $8.89 and a 200-day simple moving average of $10.41.

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 for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $251.57 million for the quarter, compared to analyst estimates of $249.87 million. CCC Intelligent Solutions had a return on equity of 5.35% and a net margin of 5.02%. CCC Intelligent Solutions's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.09 EPS. As a group, sell-side analysts anticipate that CCC Intelligent Solutions Holdings Inc. will post 0.17 earnings per share for the current year.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CCCS. Barrington Research restated an "outperform" rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Wednesday, May 7th. Morgan Stanley cut their target price on shares of 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. The Goldman Sachs Group lowered their price target on CCC Intelligent Solutions from $13.00 to $11.50 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Barclays decreased their target price on CCC Intelligent Solutions from $13.00 to $11.00 and set an "equal weight" rating for the company in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered CCC Intelligent Solutions from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $14.00 to $11.00 in a report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.19.

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.