CCC Intelligent Solutions (NYSE:CCCS) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

CCC Intelligent Solutions (NYSE:CCCS) released its quarterly earnings data on Tuesday. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01, Briefing.com reports. CCC Intelligent Solutions had a return on equity of 5.17% and a net margin of 2.36%. The business had revenue of $232.60 million during the quarter, compared to analyst estimates of $230.16 million. During the same period last year, the company posted $0.02 EPS. The company’s revenue was up 9.9% compared to the same quarter last year. CCC Intelligent Solutions updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

CCC Intelligent Solutions Stock Performance

Shares of NYSE CCCS traded down $0.03 during midday trading on Friday, hitting $10.19. 939,357 shares of the company’s stock were exchanged, compared to its average volume of 3,784,415. The firm has a market capitalization of $6.35 billion, a PE ratio of -48.67 and a beta of 0.62. The company’s 50 day moving average price is $11.29 and its 200 day moving average price is $11.37. CCC Intelligent Solutions has a 12 month low of $9.98 and a 12 month high of $13.41. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.43.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CCCS shares. Barrington Research reiterated an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a research note on Wednesday. Jefferies Financial Group reduced their price objective on CCC Intelligent Solutions from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CCC Intelligent Solutions has an average rating of “Moderate Buy” and a consensus target price of $13.56.

Insiders Place Their Bets

In other CCC Intelligent Solutions news, insider Githesh Ramamurthy sold 1,000,000 shares of CCC Intelligent Solutions stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $11.78, for a total value of $11,780,000.00. Following the completion of the transaction, the insider now directly owns 6,463,840 shares of the company’s stock, valued at approximately $76,144,035.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Githesh Ramamurthy sold 1,000,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $11.78, for a total transaction of $11,780,000.00. Following the sale, the insider now directly owns 6,463,840 shares in the company, valued at $76,144,035.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Rodney Christo sold 4,177 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $10.24, for a total value of $42,772.48. The disclosure for this sale can be found here. Insiders have sold 67,802,280 shares of company stock worth $772,070,710 in the last 90 days. Company insiders own 6.67% of the company’s stock.

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.