C3.ai, Inc. (NYSE:AI) Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System reduced its stake in C3.ai, Inc. (NYSE:AIGet Rating) by 50.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,964 shares of the company’s stock after selling 23,754 shares during the period. State Board of Administration of Florida Retirement System’s holdings in C3.ai were worth $419,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AI. Ahrens Investment Partners LLC acquired a new position in C3.ai during the 2nd quarter worth approximately $31,000. Canada Pension Plan Investment Board increased its holdings in C3.ai by 755.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,472 shares of the company’s stock valued at $34,000 after buying an additional 1,300 shares during the last quarter. Benjamin Edwards Inc. purchased a new position in C3.ai in the first quarter valued at $40,000. MetLife Investment Management LLC purchased a new stake in C3.ai during the 1st quarter worth about $44,000. Finally, Prospera Financial Services Inc acquired a new position in shares of C3.ai during the 1st quarter worth about $56,000. 44.34% of the stock is currently owned by hedge funds and other institutional investors.

C3.ai Stock Down 4.4 %

NYSE AI opened at $12.77 on Monday. The firm has a market cap of $1.39 billion, a P/E ratio of -5.94 and a beta of 0.82. C3.ai, Inc. has a 52-week low of $11.29 and a 52-week high of $41.06. The business’s 50-day moving average price is $13.05 and its 200 day moving average price is $16.59.

C3.ai (NYSE:AIGet Rating) last announced its earnings results on Wednesday, August 31st. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.11). C3.ai had a negative net margin of 85.25% and a negative return on equity of 19.23%. The company had revenue of $65.31 million during the quarter, compared to analysts’ expectations of $66.02 million. During the same quarter last year, the business posted ($0.23) earnings per share. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. As a group, analysts anticipate that C3.ai, Inc. will post -2.65 earnings per share for the current year.

Insider Buying and Selling at C3.ai

In other news, CFO Juho Parkkinen sold 2,378 shares of C3.ai stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $14.42, for a total value of $34,290.76. Following the sale, the chief financial officer now owns 361,548 shares of the company’s stock, valued at $5,213,522.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Shankar Sastry sold 79,142 shares of the company’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $13.19, for a total transaction of $1,043,882.98. Following the transaction, the director now owns 24,640 shares of the company’s stock, valued at $325,001.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Juho Parkkinen sold 2,378 shares of the stock in a transaction on Friday, September 16th. The stock was sold at an average price of $14.42, for a total value of $34,290.76. Following the completion of the transaction, the chief financial officer now owns 361,548 shares of the company’s stock, valued at approximately $5,213,522.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,938 shares of company stock valued at $1,317,639. 38.08% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AI shares. StockNews.com initiated coverage on C3.ai in a research note on Wednesday, October 12th. They set a “sell” rating for the company. UBS Group reduced their price objective on shares of C3.ai from $19.00 to $16.00 and set a “hold” rating for the company in a research report on Thursday, September 1st. Canaccord Genuity Group initiated coverage on shares of C3.ai in a research report on Tuesday, October 11th. They issued a “hold” rating and a $14.00 target price on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of C3.ai from $14.50 to $13.00 and set a “sell” rating for the company in a research report on Tuesday, September 6th. Finally, Needham & Company LLC lowered C3.ai from a “buy” rating to a “hold” rating in a report on Friday, September 2nd. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $18.20.

C3.ai Company Profile

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C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software-as-a-service applications for enterprises. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; and C3 AI Applications, which include industry-specific and application-specific turnkey AI solutions.

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Institutional Ownership by Quarter for C3.ai (NYSE:AI)

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