CCC Intelligent (CCC) Solutions Up 6.37% on $500-Million Buyback

We recently published 10 Big Names Leaving Wall Street in the Dust; 4 at Fresh Highs. CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCC) is one of the best performers on Friday.

CCC Intelligent Solutions jumped by 6.37 percent on Friday to close at $7.68 apiece after announcing plans to buy back more of its shares for a total of $500 million.

In a statement, CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCC) said that its Board of Directors approved the second round of the share repurchase program after successfully completing the first round approved in December last year amounting to $300 million.

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In line with the plan, CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCC) entered into an accelerated share repurchase (ASR) program with the Bank of America for the buy back of $300 million worth of its shares, which it would fund through new term loans under its existing credit agreement.

The listed firm will receive approximately 33.2 million shares from the ASR, representing approximately 80 percent of the total number of shares expected to be repurchased. Closing of the transaction is expected by the end of the second quarter of 2026.

Meanwhile, the remaining $200 million may be spent through open market purchases, privately negotiated transactions, or another round of ASR, depending on market conditions and cash availability.

“This new authorization and accelerated share repurchase underscore our confidence in CCC’s long-term growth trajectory, robust free cash flow and disciplined approach to capital allocation,” said CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCC) Chairman and CEO Githesh Ramamurthy.

”Our strong balance sheet gives us the flexibility to continue to innovate for our customers and invest in the business while also delivering returns to shareholders,” he added.

While we acknowledge the risk and potential of CCC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CCC and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.