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Mary Jo Prigge, Executive Vice President and Chief Service Delivery Officer at CCC (WA:CCCP) Intelligent Solutions Holdings Inc. (NYSE:CCCS), has sold shares totaling approximately $1.17 million. The sale, which occurred on November 20, involved 97,511 shares at an average price of $12.0142 per share. This transaction was executed as part of a pre-arranged trading plan under Rule 10b5-1.
Additionally, Prigge acquired 97,511 shares through the exercise of stock options at a price of $2.50 per share on the same day. Following these transactions, Prigge directly owns 97,268 shares and indirectly holds 853,085 shares through a trust.
"In other recent news, CCC Intelligent Solutions has reported a steady financial performance in its third quarter of fiscal 2024. The company announced an 8% year-over-year increase in total revenue, reaching $238 million, and a 9% rise in adjusted EBITDA to $102 million. Furthermore, the company's new product, CCC Payroll, was adopted by over 2,000 repair facilities since its launch in July.
On the analyst front, Morgan Stanley (NYSE:MS) upgraded CCC Intelligent Solutions stock from Equal-weight to Overweight, increasing the price target to $15.00, up from the previous target of $14.00. The firm's optimism is rooted in a positive evaluation of CCC's Emerging Solutions' trajectory and a more favorable view of the company's recent performance. Morgan Stanley's confidence in CCC's market position and potential for growth was highlighted, particularly noting the strong customer demand for CCC's artificial intelligence offerings.
Looking ahead, CCC Intelligent Solutions provided an outlook for the fourth quarter, expecting revenue between $242.5 million and $246.5 million, and adjusted EBITDA of $103 million to $105 million. These recent developments suggest potential for larger, more transformative contracts for the company in the future, according to Morgan Stanley's analysis."
InvestingPro Insights
As Mary Jo Prigge's recent stock transactions at CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) catch investor attention, it's worth examining some key financial metrics and insights provided by InvestingPro.
CCC Intelligent Solutions currently boasts a market capitalization of $7.83 billion, reflecting its significant presence in the industry. The company's revenue for the last twelve months as of Q3 2024 stands at $926.94 million, with a notable revenue growth of 10.1% over the same period. This growth trajectory aligns with an InvestingPro Tip indicating that net income is expected to grow this year, potentially signaling continued financial strength.
Impressively, CCCS maintains a gross profit margin of 77.31%, underscoring its operational efficiency. This metric supports another InvestingPro Tip highlighting the company's impressive gross profit margins, which could be a key factor in its attractiveness to investors.
However, investors should note that the stock's P/E ratio is currently at 164.74, suggesting a premium valuation. This high multiple is reflected in an InvestingPro Tip cautioning that CCCS is trading at a high earnings multiple relative to its near-term earnings growth.
For those interested in a deeper analysis, InvestingPro offers 17 additional tips on CCC Intelligent Solutions, providing a comprehensive view of the company's financial health and market position. These insights can be particularly valuable for investors looking to make informed decisions in light of recent insider transactions.
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