Norges Bank Makes New $50.03 Million Investment in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Norges Bank acquired a new stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 4,265,287 shares of the company’s stock, valued at approximately $50,032,000.

Other large investors have also recently bought and sold shares of the company. Baker Tilly Wealth Management LLC raised its stake in CCC Intelligent Solutions by 6.6% during the 4th quarter. Baker Tilly Wealth Management LLC now owns 14,386 shares of the company’s stock worth $169,000 after buying an additional 888 shares during the period. Central Pacific Bank Trust Division increased its position in shares of CCC Intelligent Solutions by 6.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 16,760 shares of the company’s stock valued at $197,000 after purchasing an additional 960 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of CCC Intelligent Solutions by 5.9% during the 4th quarter. CIBC Asset Management Inc now owns 19,046 shares of the company’s stock worth $223,000 after purchasing an additional 1,054 shares during the period. Berry Wealth Group LP boosted its holdings in shares of CCC Intelligent Solutions by 5.8% in the 4th quarter. Berry Wealth Group LP now owns 20,224 shares of the company’s stock worth $237,000 after buying an additional 1,109 shares during the last quarter. Finally, Arizona State Retirement System grew its position in CCC Intelligent Solutions by 1.0% during the fourth quarter. Arizona State Retirement System now owns 117,507 shares of the company’s stock valued at $1,378,000 after buying an additional 1,150 shares during the period. 95.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CCCS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut shares of CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. Barrington Research reiterated an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Finally, Piper Sandler reissued a “neutral” rating and issued a $11.00 target price (down from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.14.

CCC Intelligent Solutions Stock Down 0.8 %

CCC Intelligent Solutions stock opened at $8.52 on Friday. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 426.21 and a beta of 0.73. The firm has a 50 day simple moving average of $9.98 and a 200 day simple moving average of $10.96. CCC Intelligent Solutions Holdings Inc. has a 1-year low of $8.25 and a 1-year 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.

CCC Intelligent Solutions declared that its board has approved a stock buyback program 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 programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Eric Wei sold 42,000,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were 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 in the company, valued at approximately $23,306,099.76. This trade represents a 94.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Rodney Christo sold 5,846 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $9.15, for a total transaction of $53,490.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,087,456 shares of company stock worth $434,240,401. 6.67% of the stock is owned by corporate insiders.

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.