New York State Common Retirement Fund Increases Holdings in C3.ai, Inc. (NYSE:AI)

New York State Common Retirement Fund boosted its position in C3.ai, Inc. (NYSE:AI) by 10.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,096 shares of the company’s stock after buying an additional 3,200 shares during the quarter. New York State Common Retirement Fund’s holdings in C3.ai were worth $718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of AI. Two Sigma Investments LP bought a new stake in shares of C3.ai in the 4th quarter worth approximately $42,306,000. Man Group plc bought a new position in shares of C3.ai during the fourth quarter valued at approximately $38,455,000. Two Sigma Advisers LP purchased a new stake in C3.ai in the fourth quarter worth $30,725,000. Renaissance Technologies LLC lifted its stake in C3.ai by 1,242.5% in the fourth quarter. Renaissance Technologies LLC now owns 718,231 shares of the company’s stock worth $24,729,000 after acquiring an additional 664,731 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in C3.ai by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock valued at $445,385,000 after acquiring an additional 446,529 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AI shares. Piper Sandler lowered their target price on C3.ai from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, May 29th. Oppenheimer decreased their price objective on C3.ai from $56.00 to $45.00 and set an “outperform” rating for the company in a report on Thursday, May 29th. JPMorgan Chase & Co. lowered 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. Morgan Stanley upped their target price on shares of C3.ai from $20.00 to $22.00 and gave the stock an “underweight” rating in a research report on Thursday, May 29th. Finally, Westpark Capital upgraded shares of C3.ai to a “strong-buy” rating and set a $40.00 price target for the company in a research note on Wednesday, July 9th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $29.79.

C3.ai Price Performance

NYSE AI opened at $26.01 on Friday. The stock’s 50 day simple moving average is $25.32 and its 200-day simple moving average is $25.44. The company has a market cap of $3.50 billion, a PE ratio of -11.61 and a beta of 1.99. C3.ai, Inc. has a 1-year low of $17.03 and a 1-year high of $45.08.

C3.ai (NYSE:AI) last announced its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.04. The firm had revenue of $108.72 million during the quarter, compared to analyst estimates of $107.85 million. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. C3.ai’s quarterly revenue was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. On average, equities research analysts anticipate that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John E. Hyten sold 10,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $23.75, for a total value of $237,500.00. Following the transaction, the director owned 63,942 shares of the company’s stock, valued at $1,518,622.50. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stephen M. Ward, Jr. sold 42,382 shares of the business’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $26.32, for a total value of $1,115,494.24. Following the sale, the director owned 546,495 shares of the company’s stock, valued at approximately $14,383,748.40. The trade was a 7.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,989,902 shares of company stock worth $51,379,600 over the last three months. 33.54% of the stock is owned by insiders.

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.