C3.ai, Inc. (NYSE:AI) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its position in shares of C3.ai, Inc. (NYSE:AI) by 3.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 719,259 shares of the company’s stock after purchasing an additional 23,366 shares during the quarter. Bank of New York Mellon Corp owned 0.54% of C3.ai worth $15,140,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC acquired a new position in shares of C3.ai in the 4th quarter worth $3,159,000. Vanguard Group Inc. grew its holdings in shares of C3.ai by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock worth $445,385,000 after acquiring an additional 446,529 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of C3.ai by 4,846.5% in the 1st quarter. GAMMA Investing LLC now owns 12,020 shares of the company’s stock worth $253,000 after acquiring an additional 11,777 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of C3.ai by 14.1% in the 4th quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock worth $87,128,000 after acquiring an additional 313,066 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of C3.ai in the 4th quarter worth $2,128,000. 38.96% of the stock is currently owned by institutional investors and hedge funds.

C3.ai Stock Up 1.2%

Shares of AI opened at $28.70 on Friday. C3.ai, Inc. has a 12-month low of $17.03 and a 12-month high of $45.08. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of -12.81 and a beta of 1.99. The stock’s 50-day moving average price is $24.95 and its 200 day moving average price is $25.66.

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, beating analysts’ consensus estimates of ($0.20) by $0.04. The company had revenue of $108.72 million for the quarter, compared to the consensus estimate of $107.85 million. C3.ai had a negative return on equity of 33.51% and a negative net margin of 74.21%. The company’s quarterly revenue was up 25.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.11) earnings per share. Equities research analysts expect that C3.ai, Inc. will post -2.44 EPS for the current year.

Insider Activity

In other C3.ai news, CFO Hitesh Lath sold 17,689 shares of the company’s stock in a transaction on Friday, June 27th. The shares were sold at an average price of $24.96, for a total transaction of $441,517.44. Following the completion of the sale, the chief financial officer owned 166,218 shares in the company, valued at approximately $4,148,801.28. The trade was a 9.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Richard C. Levin sold 36,000 shares of the company’s stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $28.17, for a total transaction of $1,014,120.00. Following the sale, the director owned 161,664 shares of the company’s stock, valued at $4,554,074.88. The trade was a 18.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,400,434 shares of company stock worth $34,532,605. 33.54% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Piper Sandler lowered their price target on C3.ai from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, May 29th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Thursday, May 29th. DA Davidson reduced 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. Westpark Capital raised C3.ai to a “strong-buy” rating and set a $40.00 price objective for the company in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. reduced their price objective on C3.ai from $27.00 to $23.00 and set an “underweight” rating for the company in a research report on Thursday, May 29th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $30.14.

About C3.ai

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.