Thornburg Investment Management Inc. Sells 131,454 Shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Key Points

• Thornburg Investment Management Inc. reduced its stake in CCC Intelligent Solutions Holdings Inc. by 7.4%, selling 131,454 shares and holding approximately 1,639,198 shares worth $14.8 million.
• CCC Intelligent Solutions' stock is currently priced at $9.98 and has a market cap of $6.58 billion, with a P/E ratio of 499.25.
• Recent insider activity includes two directors selling 30 million shares each at an average price of $9.08, resulting in a 95.05% decrease in their ownership.

Thornburg Investment Management Inc. lessened its position in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS - Free Report) by 7.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,639,198 shares of the company's stock after selling 131,454 shares during the period. Thornburg Investment Management Inc. owned approximately 0.25% of CCC Intelligent Solutions worth $14,802,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CCCS. Quarry LP purchased a new position in shares of CCC Intelligent Solutions during the fourth quarter valued at approximately $36,000. Banque Cantonale Vaudoise purchased a new position in shares of CCC Intelligent Solutions during the first quarter valued at approximately $37,000. Machina Capital S.A.S. purchased a new position in CCC Intelligent Solutions in the first quarter worth $98,000. Valeo Financial Advisors LLC purchased a new position in CCC Intelligent Solutions in the first quarter worth $100,000. Finally, Forum Financial Management LP purchased a new position in CCC Intelligent Solutions in the first quarter worth $124,000. Institutional investors and hedge funds own 95.79% of the company's stock.

Insider Activity at CCC Intelligent Solutions

In other CCC Intelligent Solutions news, Director Eric Wei sold 30,000,000 shares of the stock in a transaction that occurred on 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 approximately $14,186,083.52. This trade represents a 95.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Rodney Christo sold 5,302 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $9.76, for a total value of $51,747.52. The disclosure for this sale can be found here. Insiders sold a total of 60,005,302 shares of company stock worth $544,851,748 over the last three months. Corporate insiders own 6.03% of the company's stock.

CCC Intelligent Solutions Trading Up 0.6%

CCCS stock traded up $0.06 during trading on Friday, hitting $9.73. 19,333,473 shares of the company traded hands, compared to its average volume of 7,495,337. The firm has a market capitalization of $6.41 billion, a PE ratio of 486.74 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 company has a 50-day moving average of $9.35 and a 200-day moving average of $9.57. 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 issued its earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $260.45 million during the quarter, compared to analysts' expectations of $256.21 million. CCC Intelligent Solutions had a return on equity of 5.35% and a net margin of 5.02%. CCC Intelligent Solutions's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.09 EPS. Analysts predict that CCC Intelligent Solutions Holdings Inc. will post 0.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on CCCS. Morgan Stanley lowered their target price on 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 reduced their target price 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. JPMorgan Chase & Co. cut 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 increased their price objective on CCC Intelligent Solutions from $11.00 to $12.00 and gave the company an "equal weight" rating in a research report on Friday. Finally, The Goldman Sachs Group reduced their price objective 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $12.07.

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.