Wells Fargo & Company MN Has $5.75 Million Position in C3.ai, Inc. (NYSE:AI)

Wells Fargo & Company MN lessened its holdings in C3.ai, Inc. (NYSE:AI) by 32.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 167,100 shares of the company’s stock after selling 78,645 shares during the period. Wells Fargo & Company MN owned about 0.13% of C3.ai worth $5,753,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in C3.ai by 10.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 933,139 shares of the company’s stock worth $32,128,000 after buying an additional 88,750 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in C3.ai during the 4th quarter valued at about $3,996,000. Vanguard Group Inc. grew its holdings in shares of C3.ai by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock worth $445,385,000 after purchasing an additional 446,529 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of C3.ai by 70.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 55,339 shares of the company’s stock valued at $1,905,000 after acquiring an additional 22,949 shares during the period. Finally, Strategic Financial Concepts LLC bought a new position in shares of C3.ai during the fourth quarter valued at approximately $2,015,000. 38.96% of the stock is owned by hedge funds and other institutional investors.

C3.ai Stock Performance

AI opened at $19.38 on Friday. The company’s 50-day simple moving average is $23.20 and its two-hundred day simple moving average is $28.94. The stock has a market capitalization of $2.57 billion, a P/E ratio of -8.77 and a beta of 2.01. C3.ai, Inc. has a 52-week low of $17.03 and a 52-week high of $45.08.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.37). The company had revenue of $98.78 million during the quarter, compared to analysts’ expectations of $98.12 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. Research analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard C. Levin sold 12,000 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $29.84, for a total transaction of $358,080.00. Following the completion of the transaction, the director now owns 161,664 shares in the company, valued at approximately $4,824,053.76. This represents a 6.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas M. Siebel sold 13,567 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $19.47, for a total value of $264,149.49. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,446,967 shares of company stock valued at $37,175,326. Insiders own 33.54% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. KeyCorp reduced their target price on C3.ai from $21.00 to $17.00 and set an “underweight” rating on the stock in a report on Thursday. Canaccord Genuity Group reduced their price target on C3.ai from $40.00 to $30.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. DA Davidson lowered their price objective on C3.ai from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Thursday, February 27th. Finally, Piper Sandler decreased their price target on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, C3.ai currently has a consensus rating of “Hold” and an average price target of $29.58.

C3.ai 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.