269,261 Shares in C3.ai, Inc. (NYSE:AI) Bought by Norges Bank

Norges Bank purchased a new position in C3.ai, Inc. (NYSE:AI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 269,261 shares of the company's stock, valued at approximately $9,271,000. Norges Bank owned about 0.21% of C3.ai at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of C3.ai by 453.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 19,424 shares of the company's stock valued at $714,000 after buying an additional 15,912 shares in the last quarter. Murphy & Mullick Capital Management Corp bought a new position in C3.ai during the fourth quarter valued at approximately $50,000. Prudential Financial Inc. purchased a new position in shares of C3.ai during the fourth quarter worth approximately $2,720,000. Corebridge Financial Inc. lifted its holdings in shares of C3.ai by 21.6% in the 4th quarter. Corebridge Financial Inc. now owns 55,003 shares of the company's stock worth $1,894,000 after acquiring an additional 9,774 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake 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 valued at $445,385,000 after purchasing an additional 446,529 shares in the last quarter. Hedge funds and other institutional investors own 38.96% of the company's stock.

Insiders Place Their Bets

In other C3.ai news, VP Merel Witteveen sold 1,133 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $22.25, for a total transaction of $25,209.25. Following the sale, the vice president now directly owns 7,287 shares in the company, valued at approximately $162,135.75. This trade represents a 13.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas M. Siebel sold 294,116 shares of C3.ai stock in a transaction on Friday, March 14th. The stock was sold at an average price of $21.50, for a total value of $6,323,494.00. Following the completion of the sale, the chief executive officer now directly owns 943,151 shares of the company's stock, valued at approximately $20,277,746.50. The trade was a 23.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,486,813 shares of company stock valued at $42,407,563. 33.54% of the stock is currently owned by corporate insiders.

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C3.ai Price Performance

AI stock traded up $0.25 during midday trading on Friday, hitting $20.55. The stock had a trading volume of 2,629,073 shares, compared to its average volume of 5,243,040. The business has a 50-day moving average of $24.61 and a two-hundred day moving average of $29.11. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of -9.30 and a beta of 2.01. C3.ai, Inc. has a 52-week low of $17.03 and a 52-week high of $45.08.

C3.ai (NYSE:AI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.37). C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. The business had revenue of $98.78 million during the quarter, compared to the consensus estimate of $98.12 million. Research analysts predict that C3.ai, Inc. will post -2.44 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on the stock. DA Davidson lowered their price target on shares of C3.ai from $40.00 to $25.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Canaccord Genuity Group dropped their target price on C3.ai from $40.00 to $30.00 and set a "hold" rating for the company in a report on Thursday, February 27th. KeyCorp decreased their price target on C3.ai from $29.00 to $21.00 and set an "underweight" rating on the stock in a research note on Thursday, February 27th. Piper Sandler dropped their price objective on C3.ai from $42.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of C3.ai in a research note on Thursday, February 27th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $31.33.

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.