Oppenheimer Asset Management Inc. Lowers Position in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Oppenheimer Asset Management Inc. decreased its position in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 0.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 556,910 shares of the company’s stock after selling 1,685 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in CCC Intelligent Solutions were worth $6,533,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Eagle Bay Advisors LLC bought a new position in CCC Intelligent Solutions in the 4th quarter worth approximately $25,000. UMB Bank n.a. purchased a new stake in CCC Intelligent Solutions in the 4th quarter worth $28,000. Advisors Asset Management Inc. lifted its stake in CCC Intelligent Solutions by 153.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock worth $32,000 after purchasing an additional 1,729 shares in the last quarter. GAMMA Investing LLC lifted its stake in CCC Intelligent Solutions by 286.9% in the 4th quarter. GAMMA Investing LLC now owns 3,343 shares of the company’s stock worth $39,000 after purchasing an additional 2,479 shares in the last quarter. Finally, Financial Management Professionals Inc. purchased a new stake in CCC Intelligent Solutions in the 4th quarter worth $54,000. Institutional investors own 95.79% of the company’s stock.

Wall Street Analysts Forecast Growth

CCCS has been the topic of a number of research reports. Barrington Research reaffirmed an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research note on Monday, February 24th. Morgan Stanley raised CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $14.00 to $15.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. downgraded CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $14.00 to $11.00 in a research note on Wednesday. Finally, Piper Sandler reissued a “neutral” rating and issued a $11.00 price objective (down from $13.00) on shares of CCC Intelligent Solutions in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, CCC Intelligent Solutions has a consensus rating of “Moderate Buy” and a consensus target price of $13.38.

Insider Activity

In other CCC Intelligent Solutions news, Director Crescenzo Neil E. De bought 100,000 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were purchased at an average price of $12.16 per share, with a total value of $1,216,000.00. Following the completion of the purchase, the director now owns 100,000 shares in the company, valued at $1,216,000. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 6.67% of the company’s stock.

CCC Intelligent Solutions Price Performance

NYSE:CCCS opened at $10.19 on Friday. The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of 509.75 and a beta of 0.71. CCC Intelligent Solutions Holdings Inc. has a 1 year low of $9.79 and a 1 year high of $12.88. The business has a 50 day simple moving average of $11.14 and a 200-day simple moving average of $11.22. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.19 and a quick ratio of 3.19.

CCC Intelligent Solutions declared that its board has approved a share repurchase plan on Friday, December 20th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

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.