Stock Repurchase Plan Announced by CCC Intelligent Solutions (NYSE:CCCS) Board of Directors

CCC Intelligent Solutions (NYSE:CCCS) announced that its Board of Directors has authorized a share buyback program on Friday, December 20th, RTT News reports. The company plans to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CCCS. Piper Sandler restated a “neutral” rating and set a $13.00 price target on shares of CCC Intelligent Solutions in a research note on Wednesday, December 11th. Barclays decreased their price objective on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th. JPMorgan Chase & Co. raised their target price on shares of CCC Intelligent Solutions from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Morgan Stanley upgraded CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $14.00 to $15.00 in a research note on Wednesday, November 13th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $14.00 target price on shares of CCC Intelligent Solutions in a report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, CCC Intelligent Solutions currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.89.

CCC Intelligent Solutions Price Performance

Shares of CCC Intelligent Solutions stock traded up $0.26 on Friday, reaching $12.05. The company’s stock had a trading volume of 7,189,047 shares, compared to its average volume of 3,436,151. The stock has a 50-day moving average price of $11.73 and a 200-day moving average price of $11.20. CCC Intelligent Solutions has a 52-week low of $9.79 and a 52-week high of $12.88. The company has a market capitalization of $7.54 billion, a P/E ratio of 602.80, a PEG ratio of 6.80 and a beta of 0.71. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.39.

CCC Intelligent Solutions (NYSE:CCCS) last posted its quarterly earnings data on Monday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. The business had revenue of $238.48 million for the quarter, compared to the consensus estimate of $237.41 million. During the same period last year, the firm posted $0.03 earnings per share. The company’s revenue was up 7.8% compared to the same quarter last year. Analysts expect that CCC Intelligent Solutions will post 0.17 EPS for the current year.

Insider Activity

In other CCC Intelligent Solutions news, insider Mary Jo Prigge sold 2,489 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $12.00, for a total transaction of $29,868.00. Following the transaction, the insider now owns 97,268 shares of the company’s stock, valued at approximately $1,167,216. The trade was a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Rodney Christo sold 9,916 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $12.67, for a total value of $125,635.72. The disclosure for this sale can be found here. Insiders have sold a total of 443,153 shares of company stock worth $5,390,863 over the last quarter. 6.67% of the stock is currently owned by corporate insiders.

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.