CX Institutional Acquires New Stake in C3.ai, Inc. (NYSE:AI)

CX Institutional bought a new position in shares of C3.ai, Inc. (NYSE:AI) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,637 shares of the company’s stock, valued at approximately $34,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in C3.ai by 3.6% during 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 period. Geode Capital Management LLC boosted its stake in shares of C3.ai by 14.1% in the fourth quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock valued at $87,128,000 after purchasing an additional 313,066 shares during the period. Two Sigma Investments LP acquired a new position in shares of C3.ai in the fourth quarter valued at approximately $42,306,000. Man Group plc purchased a new stake in C3.ai during the 4th quarter worth approximately $38,455,000. Finally, Northern Trust Corp increased its stake in C3.ai by 28.7% during the 4th quarter. Northern Trust Corp now owns 1,055,075 shares of the company’s stock worth $36,326,000 after buying an additional 235,364 shares during the period. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at C3.ai

In other news, VP Merel Witteveen sold 5,719 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $23.32, for a total value of $133,367.08. Following the completion of the sale, the vice president now directly owns 12,066 shares of the company’s stock, valued at approximately $281,379.12. This represents a 32.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas M. Siebel sold 356,418 shares of C3.ai stock in a transaction on Monday, April 14th. The shares were sold at an average price of $20.19, for a total transaction of $7,196,079.42. Following the completion of the transaction, the chief executive officer now directly owns 241,768 shares in the company, valued at $4,881,295.92. The trade was a 59.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,752,730 shares of company stock worth $41,551,316 over the last 90 days. Corporate insiders own 33.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AI. Wall Street Zen cut shares of C3.ai from a “hold” rating to a “sell” rating in a research report on Friday, June 6th. KeyCorp reiterated a “mixed” rating on shares of C3.ai in a report on Thursday, May 29th. DA Davidson lowered their target price on C3.ai from $25.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Canaccord Genuity Group cut their price target on C3.ai from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Thursday, May 29th. Finally, Morgan Stanley lifted their price objective on C3.ai from $20.00 to $22.00 and gave the company an “underweight” rating in a research note on Thursday, May 29th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $29.46.

C3.ai Stock Down 1.8%

AI stock opened at $24.01 on Wednesday. The business has a 50 day moving average price of $22.93 and a 200 day moving average price of $27.60. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of -10.72 and a beta of 2.04. C3.ai, Inc. has a fifty-two week low of $17.03 and a fifty-two week high of $45.08.

C3.ai (NYSE:AI) last released its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.04. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.25%. The company had revenue of $108.72 million for the quarter, compared to analysts’ expectations of $107.85 million. During the same quarter last year, the company earned ($0.11) earnings per share. The firm’s revenue for the quarter was up 25.5% on a year-over-year basis. As a group, sell-side analysts anticipate that C3.ai, Inc. will post -2.44 EPS for the current year.

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.