CCC Intelligent Solutions (NYSE:CCCS) Board of Directors Approves Share Buyback Program

CCC Intelligent Solutions (NYSE:CCCS) declared that its board has approved a stock repurchase program on Friday, December 20th, RTT News reports. The company plans to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

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

CCC Intelligent Solutions Trading Up 2.2 %

Shares of CCCS stock traded up $0.26 during trading hours on Friday, reaching $12.05. 7,189,047 shares of the stock were exchanged, compared to its average volume of 3,436,151. The firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of 602.80, a price-to-earnings-growth ratio of 6.80 and a beta of 0.71. CCC Intelligent Solutions has a 12-month low of $9.79 and a 12-month high of $12.88. The company’s 50-day moving average price is $11.73 and its 200-day moving average price is $11.20. 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 (NYSE:CCCS) last announced its earnings results 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 return on equity of 5.35% and a net margin of 5.02%. The business had revenue of $238.48 million during the quarter, compared to analyst estimates of $237.41 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, equities analysts anticipate that CCC Intelligent Solutions will post 0.17 earnings per share for the current year.

Insiders Place Their Bets

In other CCC Intelligent Solutions news, insider Githesh Ramamurthy sold 9,348 shares of CCC Intelligent Solutions stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $11.50, for a total transaction of $107,502.00. Following the completion of the sale, the insider now directly owns 4,798,040 shares of the company’s stock, valued at $55,177,460. The trade was a 0.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mary Jo Prigge sold 19,276 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $12.67, for a total value of $244,226.92. Following the transaction, the insider now owns 97,268 shares in the company, valued at approximately $1,232,385.56. This represents a 16.54 % decrease in their position. 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. 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.