CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) Shares Bought by Synovus Financial Corp

Synovus Financial Corp increased its holdings in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) by 2.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 233,413 shares of the company’s stock after buying an additional 5,009 shares during the period. Synovus Financial Corp’s holdings in CCC Intelligent Solutions were worth $2,738,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CCCS. Baker Tilly Wealth Management LLC boosted its stake in CCC Intelligent Solutions by 6.6% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 14,386 shares of the company’s stock valued at $169,000 after acquiring an additional 888 shares during the period. Central Pacific Bank Trust Division lifted its holdings in shares of CCC Intelligent Solutions by 6.1% in the 4th quarter. Central Pacific Bank Trust Division now owns 16,760 shares of the company’s stock worth $197,000 after purchasing an additional 960 shares during the last quarter. CIBC Asset Management Inc boosted its position in CCC Intelligent Solutions by 5.9% during the 4th quarter. CIBC Asset Management Inc now owns 19,046 shares of the company’s stock valued at $223,000 after purchasing an additional 1,054 shares during the period. Berry Wealth Group LP grew its stake in CCC Intelligent Solutions by 5.8% during the 4th quarter. Berry Wealth Group LP now owns 20,224 shares of the company’s stock worth $237,000 after buying an additional 1,109 shares during the last quarter. Finally, Arizona State Retirement System increased its position in CCC Intelligent Solutions by 1.0% in the fourth quarter. Arizona State Retirement System now owns 117,507 shares of the company’s stock worth $1,378,000 after buying an additional 1,150 shares during the period. Institutional investors own 95.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on CCCS shares. Piper Sandler restated a “neutral” rating and set a $11.00 price target (down previously from $13.00) on shares of CCC Intelligent Solutions in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lowered shares of CCC Intelligent Solutions from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $14.00 to $11.00 in a research note on Wednesday, February 26th. Barclays dropped their price target on shares of CCC Intelligent Solutions from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday. 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 Monday, February 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, CCC Intelligent Solutions presently has an average rating of “Moderate Buy” and a consensus price target of $12.86.

CCC Intelligent Solutions Price Performance

NYSE CCCS opened at $8.93 on Tuesday. The firm has a market capitalization of $5.88 billion, a PE ratio of 446.72 and a beta of 0.77. 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 Holdings Inc. has a 12 month low of $8.14 and a 12 month high of $12.88. The company’s 50 day simple moving average is $9.60 and its 200 day simple moving average is $10.84.

CCC Intelligent Solutions declared that its Board of Directors has initiated a share buyback program on Friday, December 20th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, Director Eileen Schloss sold 34,055 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $8.98, for a total transaction of $305,813.90. Following the completion of the sale, the director now directly owns 54,047 shares of the company’s stock, valued at $485,342.06. This represents a 38.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric Wei sold 42,000,000 shares of CCC Intelligent Solutions stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $10.32, for a total transaction of $433,440,000.00. Following the completion of the transaction, the director now owns 2,258,343 shares in the company, valued at approximately $23,306,099.76. This trade represents a 94.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,087,456 shares of company stock worth $434,240,401. 6.67% of the stock is owned by company insiders.

About CCC Intelligent Solutions

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.