Barrington analyst Gary Prestopino maintained his bullish stance on CCCS stock, giving it a buy rating on Nov. 7.
Gary Prestopino has given CCC Intelligent Solutions Holdings Inc. stock his Buy rating based on a combination of factors. The company posted better-than-expected results for Q3/23 with revenues of $221.1 million and adjusted EBITDA of $92.9 million, exceeding both firm and consensus estimates. It demonstrated strong performance with its top and bottom lines, underscoring the predictability and critical nature of its solutions. CCC also introduced several new AI-enabled solutions to the collision repair market, contributing to its growth.
Additionally, the company saw an 11% increase in Q3/23 total revenue, with adjusted EBITDA increasing by 19%. The company’s adjusted gross profit for the quarter was $172.1 million with a gross profit margin of 78%. The company also showed strong retention rates, with software gross dollar retention of 98% and net dollar retention of 107%. Substantial improvements to CCC’s cloud IT infrastructure in seven key areas, including speed to market and system availability, are also expected to enhance the company’s ability to drive innovation and efficiently provide solutions and updates. These factors collectively contribute to Prestopino’s Buy rating for CCC’s stock.
Prestopino covers the consumer cyclical sector, focusing on stocks such as Dorman Products, Superior Industries International and Kar Auction Services. According to TipRanks, Prestopino has an average return of 22.4% on recommended stocks and a success rate of 52.22%.
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CCC Intelligent Solutions Holdings (CCCS) Company Details:
CCC Intelligent Solutions provides a cloud-based SaaS platform for the P&C (property and casualty) insurance economy. It digitalizes workflows, connects businesses in the insurance economy and facilitates commerce.
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Source: www.tipranks.com
