LPL Financial LLC Grows Position in C3.ai, Inc. (NYSE:AI)

LPL Financial LLC raised its stake in C3.ai, Inc. (NYSE:AI) by 19.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 174,105 shares of the company’s stock after purchasing an additional 28,114 shares during the period. LPL Financial LLC owned 0.13% of C3.ai worth $3,665,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Garde Capital Inc. acquired a new stake in shares of C3.ai during the first quarter worth $29,000. Russell Investments Group Ltd. raised its stake in shares of C3.ai by 100.7% during the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock worth $31,000 after buying an additional 456 shares during the last quarter. Orion Capital Management LLC acquired a new position in C3.ai in the 4th quarter valued at about $34,000. CX Institutional acquired a new position in shares of C3.ai during the 1st quarter valued at about $34,000. Finally, Raiffeisen Bank International AG acquired a new position in shares of C3.ai during the 4th quarter valued at about $36,000. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

C3.ai Trading Down 0.6%

Shares of NYSE AI opened at $17.86 on Friday. C3.ai, Inc. has a one year low of $14.70 and a one year high of $45.08. The firm has a market capitalization of $2.40 billion, a PE ratio of -7.97 and a beta of 1.98. The business has a 50-day moving average price of $24.46 and a two-hundred day moving average price of $24.31.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AI shares. Northland Capmk cut C3.ai from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. KeyCorp reissued a “mixed” rating on shares of C3.ai in a report on Thursday, May 29th. Westpark Capital raised C3.ai to a “strong-buy” rating and set a $40.00 target price on the stock in a research report on Wednesday, July 9th. Canaccord Genuity Group lowered 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 raised their target price on C3.ai from $20.00 to $22.00 and gave the company an “underweight” rating in a research note on Thursday, May 29th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.43.

Insiders Place Their Bets

In other news, Director Stephen M. Ward, Jr. sold 42,382 shares of C3.ai stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $26.32, for a total transaction 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. This trade represents a 7.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard C. Levin sold 36,000 shares of the business’s stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $28.17, for a total value of $1,014,120.00. Following the completion of the sale, the director directly owned 161,664 shares in the company, valued at approximately $4,554,074.88. This represents a 18.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,262,793 shares of company stock worth $53,394,317 in the last three months. 33.54% of the stock is owned by insiders.

C3.ai Company 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.