BUZZ-CCC Intelligent falls after secondary offering
Shares of CCC Intelligent Solutionsfell 2.5% to $9.73 following the announcement of a secondary offering of 30 million shares by Advent International, priced at $9.89 each. This offering, which generated gross proceeds of $296.7 million, was at a 0.8% discount to the stock's last close. Despite the decline, 10 out of 13 brokerages rate the stock as "buy" or higher, with a median price target of $12.50. Year-to-date, CCCS stock is down 15%.
Shares of CCC Intelligent Solutions (CCCS.O) , a cloud platform for insurance industry, fall 2.5% to $9.73 CCCS late Tuesday announced pricing of secondary offering of 30 million shares by buyout firm Advent International
Advent sold the shares at $9.89 apiece for gross proceeds of $296.7 million
Offering priced at 0.8% discount to stock’s last close
Goldman Sachs was the book running manager for the offering
10 of 13 brokerages rate the stock “buy” or higher, 2 “hold” and 1 “sell”; median PT is $12.50 - data compiled by LSEG
As of last close, CCCS stock was down 15% YTD
