C3.ai, Inc. (NYSE:AI) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in C3.ai, Inc. (NYSE:AI) by 5.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,943 shares of the company’s stock after purchasing an additional 1,795 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in C3.ai were worth $714,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Two Sigma Investments LP acquired a new position in shares of C3.ai during the fourth quarter worth about $42,306,000. Man Group plc acquired a new position in shares of C3.ai during the fourth quarter worth about $38,455,000. Two Sigma Advisers LP acquired a new position in C3.ai during the fourth quarter worth about $30,725,000. Renaissance Technologies LLC grew its position in C3.ai by 1,242.5% during the fourth quarter. Renaissance Technologies LLC now owns 718,231 shares of the company’s stock worth $24,729,000 after buying an additional 664,731 shares during the period. Finally, Geode Capital Management LLC grew its position in C3.ai by 14.1% during the fourth quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock worth $87,128,000 after buying an additional 313,066 shares during the period. 38.96% of the stock is currently owned by institutional investors and hedge funds.

C3.ai Price Performance

AI stock opened at $23.24 on Thursday. The company’s 50 day simple moving average is $25.45 and its 200-day simple moving average is $24.99. The firm has a market capitalization of $3.12 billion, a PE ratio of -10.37 and a beta of 1.98. C3.ai, Inc. has a 12 month low of $17.03 and a 12 month high of $45.08.

C3.ai (NYSE:AI) last announced its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) 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 33.51%. The firm had revenue of $108.72 million for the quarter, compared to analyst estimates of $107.85 million. During the same quarter last year, the business earned ($0.11) earnings per share. C3.ai’s revenue was up 25.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that C3.ai, Inc. will post -2.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

AI has been the topic of several recent analyst reports. JMP Securities restated a “market outperform” rating and set a $50.00 target price on shares of C3.ai in a research report on Friday, July 25th. DA Davidson lowered their target price on shares of C3.ai from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Wall Street Zen upgraded shares of C3.ai from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Oppenheimer lowered their target price on shares of C3.ai from $56.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, May 29th. Finally, JPMorgan Chase & Co. lowered their target price on shares of C3.ai from $27.00 to $23.00 and set an “underweight” rating on the stock in a research report on Thursday, May 29th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $29.79.

Insider Activity

In related news, Director Richard C. Levin sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $26.31, for a total transaction of $157,860.00. Following the sale, the director owned 161,664 shares in the company, valued at approximately $4,253,379.84. This trade represents a 3.58% 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 336,000 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $22.77, for a total transaction of $7,650,720.00. Following the sale, the chief executive officer owned 323,916 shares in the company, valued at approximately $7,375,567.32. This trade represents a 50.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,298,892 shares of company stock valued at $58,428,808 in the last 90 days. Insiders own 33.54% of the company’s stock.

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.