Northern Trust Corp Trims Stock Holdings in C3.ai, Inc. $AI

Northern Trust Corp decreased its stake in C3.ai, Inc. (NYSE:AI) by 1.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,039,947 shares of the company’s stock after selling 15,128 shares during the quarter. Northern Trust Corp owned approximately 0.78% of C3.ai worth $21,891,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Orion Capital Management LLC purchased a new stake in C3.ai in the fourth quarter worth about $34,000. Raiffeisen Bank International AG purchased a new stake in C3.ai in the fourth quarter worth about $36,000. Garde Capital Inc. purchased a new stake in C3.ai in the first quarter worth about $29,000. CX Institutional purchased a new stake in C3.ai in the first quarter worth about $34,000. Finally, Versant Capital Management Inc increased its position in C3.ai by 417.5% in the first quarter. Versant Capital Management Inc now owns 1,868 shares of the company’s stock worth $39,000 after buying an additional 1,507 shares in the last quarter. Hedge funds and other institutional investors own 38.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Northland Capmk cut C3.ai from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. Canaccord Genuity Group decreased their target price on C3.ai from $30.00 to $28.00 and set a “hold” rating on the stock in a research note on Thursday, May 29th. Westpark Capital raised C3.ai to a “strong-buy” rating and set a $40.00 price target on the stock in a report on Wednesday, July 9th. Piper Sandler dropped their price target 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. Finally, DA Davidson reissued an “underperform” rating and issued a $13.00 target price (down previously from $25.00) on shares of C3.ai in a report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eight have given a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat, C3.ai currently has an average rating of “Reduce” and an average target price of $27.43.

C3.ai Price Performance

NYSE AI opened at $16.89 on Monday. The stock has a market capitalization of $2.27 billion, a PE ratio of -7.54 and a beta of 1.96. The business has a 50 day simple moving average of $23.02 and a two-hundred day simple moving average of $23.10. C3.ai, Inc. has a 1-year low of $14.70 and a 1-year high of $45.08.

Insider Transactions at C3.ai

In other C3.ai news, Director John E. Hyten sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $23.75, for a total transaction of $237,500.00. Following the completion of the transaction, the director owned 63,942 shares in the company, valued at $1,518,622.50. This trade represents a 13.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Merel Witteveen sold 5,485 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $23.95, for a total value of $131,365.75. Following the transaction, the vice president owned 13,740 shares of the company’s stock, valued at $329,073. This represents a 28.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,145,568 shares of company stock worth $50,241,976. 26.50% of the stock is owned by corporate insiders.

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.