Allspring Global Investments Holdings LLC Cuts Holdings in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

Allspring Global Investments Holdings LLC lessened its position in shares of CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 14.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,064,442 shares of the company’s stock after selling 1,378,065 shares during the period. Allspring Global Investments Holdings LLC’s holdings in CCC Intelligent Solutions were worth $93,562,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wasatch Advisors LP increased its position in CCC Intelligent Solutions by 49.1% during the 3rd quarter. Wasatch Advisors LP now owns 14,331,030 shares of the company’s stock worth $158,358,000 after purchasing an additional 4,716,587 shares in the last quarter. Adero Partners LLC grew its stake in CCC Intelligent Solutions by 118.5% during the third quarter. Adero Partners LLC now owns 5,780,925 shares of the company’s stock worth $63,879,000 after buying an additional 3,135,650 shares during the period. Conestoga Capital Advisors LLC increased its position in shares of CCC Intelligent Solutions by 29.0% in the fourth quarter. Conestoga Capital Advisors LLC now owns 12,261,035 shares of the company’s stock worth $143,822,000 after acquiring an additional 2,752,950 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of CCC Intelligent Solutions by 35.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,648,957 shares of the company’s stock worth $95,571,000 after acquiring an additional 2,272,336 shares in the last quarter. Finally, State Street Corp raised its stake in shares of CCC Intelligent Solutions by 32.2% in the 3rd quarter. State Street Corp now owns 7,446,518 shares of the company’s stock valued at $82,284,000 after acquiring an additional 1,815,816 shares during the period. 95.79% of the stock is currently owned by institutional investors and hedge funds.

CCC Intelligent Solutions Price Performance

Shares of NYSE CCCS opened at $10.88 on Thursday. The business has a 50 day moving average price of $11.55 and a two-hundred day moving average price of $11.21. CCC Intelligent Solutions Holdings Inc. has a fifty-two week low of $9.79 and a fifty-two week high of $12.88. The firm has a market cap of $7.14 billion, a PE ratio of 544.27 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 announced that its Board of Directors has initiated a stock buyback plan on Friday, December 20th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to buy up to 4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Mary Jo Prigge sold 97,511 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $12.01, for a total value of $1,171,107.11. Following the completion of the sale, the insider now owns 97,268 shares of the company’s stock, valued at approximately $1,168,188.68. The trade was a 50.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Rodney Christo sold 9,916 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $12.67, for a total transaction of $125,635.72. The disclosure for this sale can be found here. In the last three months, insiders sold 347,511 shares of company stock worth $4,267,236. 6.67% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CCCS. Barrington Research reaffirmed an “outperform” rating and set a $14.00 price target on shares of CCC Intelligent Solutions in a research report on Tuesday, October 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $13.00 target price on shares of CCC Intelligent Solutions in a research report on Wednesday, December 11th. JPMorgan Chase & Co. raised their target price on CCC Intelligent Solutions from $13.00 to $14.00 and gave the company 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 upped their price target for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Finally, Barclays dropped their price objective on shares of CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $14.00.

CCC Intelligent Solutions 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.