CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) director Eric Wei has recently sold a significant amount of company stock, transactions that were part of an underwritten public offering. The sales, which took place on April 9, 2024, involved over 16 million shares of common stock at a price of $11.575 per share, amounting to a total of approximately $192.7 million.
Wei's transactions were executed in connection with a public offering of CCC Intelligent Solutions' common stock, pursuant to a prospectus supplement filed on April 5, 2024, along with an accompanying registration statement. This offering allowed Wei to sell his shares at the same price per share offered to the public.
The shares sold by Wei were held through various entities. Notably, 12,212,720 shares were indirectly owned through Cypress Investor Holdings, L.P., and another 4,050,218 shares through GPE VIII CCC Co-Investment (Delaware) Limited Partnership. An additional 386,259 shares were sold that were held by Advent International GPE VIII-C Limited Partnership.
Following these transactions, the entities associated with Wei still hold a substantial number of shares in CCC Intelligent Solutions. Specifically, after the sale, Cypress Investor Holdings, L.P. retains over 151 million shares, while GPE VIII CCC Co-Investment (Delaware) Limited Partnership holds close to 50 million shares. Advent International GPE VIII-C Limited Partnership's holdings following the sale amount to approximately 4.7 million shares.
It is important to note that while Wei is associated with the entities that sold the shares, he has disclaimed beneficial ownership of the reported shares, except to the extent of his pecuniary interest, if any. This disclaimer indicates that the inclusion of these shares in the report should not be construed as an admission of beneficial ownership for all the reported shares for the purposes of Section 16 or any other purpose.
CCC Intelligent Solutions Holdings Inc. specializes in prepackaged software services and is based in Chicago, Illinois. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol CCCS.
InvestingPro Insights
As investors assess the recent sale of shares by CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) director Eric Wei, it's crucial to consider the company's financial health and market performance. According to the latest InvestingPro data, CCCS boasts a robust gross profit margin of 76.53% as of the last twelve months ending Q4 2023, underscoring the company's ability to manage its cost of goods sold effectively. This impressive margin is a testament to CCCS's operational efficiency and could be a reassuring factor for investors amidst the significant stock sale.
Furthermore, CCCS's market capitalization stands at $7.25 billion, reflecting the scale of the business in the competitive prepackaged software services industry. Despite not being profitable over the last twelve months, CCCS is expected to grow net income this year, as indicated by one of the InvestingPro Tips. This growth expectation may signal a potential turnaround in profitability, aligning with another tip highlighting that analysts predict the company will be profitable this year.
Investors might also find solace in the fact that CCCS's liquid assets exceed its short-term obligations, suggesting the company is in a good position to meet its immediate financial liabilities. This can be particularly comforting given the recent large-scale stock sale by a key director.
For those looking for more in-depth analysis and additional insights, there are 12 more InvestingPro Tips available for CCC Intelligent Solutions, which can be accessed at https://www.investing.com/pro/CCCS. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a more comprehensive understanding of CCCS's financials and market expectations.
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