LPL Financial LLC Buys 50,322 Shares of C3.ai, Inc. (NYSE:AI)

LPL Financial LLC grew its stake in C3.ai, Inc. (NYSE:AI) by 88.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 107,222 shares of the company’s stock after buying an additional 50,322 shares during the quarter. LPL Financial LLC owned approximately 0.10% of C3.ai worth $3,599,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of C3.ai by 29.1% during the third quarter. Vanguard Group Inc. now owns 9,042,202 shares of the company’s stock valued at $113,028,000 after buying an additional 2,037,342 shares during the last quarter. BlackRock Inc. grew its stake in shares of C3.ai by 3.8% during the third quarter. BlackRock Inc. now owns 5,717,608 shares of the company’s stock valued at $71,470,000 after buying an additional 208,386 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of C3.ai by 39.3% in the first quarter. Renaissance Technologies LLC now owns 2,412,200 shares of the company’s stock worth $54,757,000 after purchasing an additional 680,700 shares during the last quarter. State Street Corp raised its position in C3.ai by 6.3% during the 3rd quarter. State Street Corp now owns 1,595,793 shares of the company’s stock valued at $19,947,000 after purchasing an additional 94,689 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of C3.ai by 27.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 923,057 shares of the company’s stock valued at $30,987,000 after acquiring an additional 197,289 shares in the last quarter. Institutional investors own 38.96% of the company’s stock.

C3.ai Price Performance

Shares of AI stock opened at $31.22 on Monday. C3.ai, Inc. has a 1-year low of $10.16 and a 1-year high of $48.87. The firm has a market capitalization of $3.61 billion, a PE ratio of -12.74 and a beta of 1.42. The business’s fifty day moving average price is $36.03 and its 200 day moving average price is $29.83.

Insider Activity

In other news, Director Richard C. Levin sold 12,000 shares of the stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $42.02, for a total value of $504,240.00. Following the sale, the director now directly owns 173,664 shares in the company, valued at $7,297,361.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other C3.ai news, Director Richard C. Levin sold 12,000 shares of the stock in a transaction on Friday, July 7th. The stock was sold at an average price of $42.02, for a total transaction of $504,240.00. Following the transaction, the director now owns 173,664 shares of the company’s stock, valued at approximately $7,297,361.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Juho Parkkinen sold 4,220 shares of the stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $36.12, for a total transaction of $152,426.40. Following the transaction, the chief financial officer now owns 314,353 shares in the company, valued at $11,354,430.36. The disclosure for this sale can be found here. In the last three months, insiders sold 485,805 shares of company stock worth $16,242,668. Company insiders own 34.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AI. Morgan Stanley lifted their price target on C3.ai from $12.00 to $20.00 in a report on Thursday, June 1st. Bank of America upped their price target on shares of C3.ai from $16.00 to $18.00 in a report on Thursday, June 1st. Piper Sandler upped their price objective on C3.ai from $23.00 to $29.00 in a research report on Thursday, June 1st. JMP Securities boosted their target price on shares of C3.ai from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, July 24th. Finally, Wedbush upgraded C3.ai from a “neutral” rating to an “outperform” rating and raised their target price for the company from $24.00 to $50.00 in a research report on Thursday, June 1st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $26.73.

C3.ai Company Profile

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.