CCC Intelligent Solutions (NYSE:CCCS) Rating Lowered to Neutral at JPMorgan Chase & Co.

CCC Intelligent Solutions (NYSE:CCCS) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Wednesday, MarketBeat.com reports. They currently have a $11.00 price objective on the stock, down from their prior price objective of $14.00. JPMorgan Chase & Co.‘s price objective points to a potential upside of 5.47% from the company’s current price.

CCCS has been the topic of several other research reports. Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $14.00 to $15.00 in a research report on Wednesday, November 13th. Barrington Research reissued an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a research report on Monday. Piper Sandler reissued a “neutral” rating and set a $13.00 target price on shares of CCC Intelligent Solutions in a research report on Wednesday, December 11th. Finally, Barclays dropped their target price on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.38.

CCC Intelligent Solutions Stock Up 1.2 %

NYSE:CCCS opened at $10.43 on Wednesday. The company has a market cap of $6.84 billion, a PE ratio of 521.76 and a beta of 0.71. CCC Intelligent Solutions has a twelve month low of $9.79 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’s 50 day moving average is $11.17 and its two-hundred day moving average is $11.22.

CCC Intelligent Solutions announced that its Board of Directors has approved a stock repurchase plan on Friday, December 20th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity 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, December 20th. The stock was purchased at an average cost of $12.16 per share, for a total transaction of $1,216,000.00. Following the purchase, the director now directly owns 100,000 shares in the company, valued at approximately $1,216,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.67% of the company’s stock.

Hedge Funds Weigh In On CCC Intelligent Solutions

A number of large investors have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. raised its position in CCC Intelligent Solutions by 6.3% during 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 acquiring an additional 4,060,284 shares during the period. Vanguard Group Inc. raised its position in CCC Intelligent Solutions by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 51,387,172 shares of the company’s stock worth $602,772,000 after acquiring an additional 847,334 shares during the period. Principal Financial Group Inc. raised its position in CCC Intelligent Solutions by 1.7% during the fourth quarter. Principal Financial Group Inc. now owns 26,939,551 shares of the company’s stock worth $316,001,000 after acquiring an additional 455,040 shares during the period. Wasatch Advisors LP raised its position in CCC Intelligent Solutions by 49.1% during the third quarter. Wasatch Advisors LP now owns 14,331,030 shares of the company’s stock worth $158,358,000 after acquiring an additional 4,716,587 shares during the period. Finally, Brown Advisory Inc. raised its position in CCC Intelligent Solutions by 2.2% during the fourth quarter. Brown Advisory Inc. now owns 14,033,496 shares of the company’s stock worth $164,613,000 after acquiring an additional 299,943 shares during the period. 95.79% of the stock is currently owned by institutional investors and hedge funds.

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.