Vanguard Group Inc. Grows Stake in C3.ai, Inc. (NYSE:AI)

Vanguard Group Inc. grew its holdings in C3.ai, Inc. (NYSE:AI - Free Report) by 3.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,935,969 shares of the company's stock after purchasing an additional 446,529 shares during the quarter. Vanguard Group Inc. owned about 10.02% of C3.ai worth $445,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in AI. Geode Capital Management LLC grew its holdings in shares of C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company's stock valued at $53,728,000 after buying an additional 178,870 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in C3.ai during the fourth quarter worth $3,996,000. Raymond James Financial Inc. purchased a new stake in C3.ai in the 4th quarter valued at $3,942,000. Charles Schwab Investment Management Inc. lifted its stake in C3.ai by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company's stock valued at $20,460,000 after acquiring an additional 92,280 shares in the last quarter. Finally, Hodges Capital Management Inc. purchased a new position in C3.ai during the 3rd quarter worth $1,955,000. 38.96% of the stock is currently owned by institutional investors.

C3.ai Trading Down 6.6 %

Shares of AI traded down $1.35 during trading hours on Friday, reaching $18.94. 5,599,189 shares of the company's stock traded hands, compared to its average volume of 5,244,933. C3.ai, Inc. has a 12 month low of $18.13 and a 12 month high of $45.08. The stock has a market cap of $2.51 billion, a PE ratio of -8.57 and a beta of 2.01. The firm's 50 day simple moving average is $26.32 and its 200-day simple moving average is $29.34.

Remove Ads

C3.ai (NYSE:AI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $98.78 million during the quarter, compared to the consensus estimate of $98.12 million. As a group, analysts expect that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling at C3.ai

In related news, CEO Thomas M. Siebel sold 409,831 shares of the stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $30.97, for a total transaction of $12,692,466.07. Following the transaction, the chief executive officer now owns 1,756,390 shares of the company's stock, valued at approximately $54,395,398.30. This trade represents a 18.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Merel Witteveen sold 1,133 shares of the firm's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total value of $25,209.25. Following the transaction, the vice president now directly owns 7,287 shares in the company, valued at $162,135.75. This trade represents a 13.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,486,813 shares of company stock worth $42,407,563 over the last 90 days. Corporate insiders own 33.54% of the company's stock.

Analyst Ratings Changes

AI has been the topic of several analyst reports. Morgan Stanley cut their price target on shares of C3.ai from $32.00 to $30.00 and set an "underweight" rating on the stock in a report on Thursday, February 27th. Needham & Company LLC reaffirmed a "hold" rating on shares of C3.ai in a research report on Thursday, February 27th. JMP Securities lifted their price objective on shares of C3.ai from $40.00 to $55.00 and gave the stock a "market outperform" rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. lowered C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 price objective for the company. in a report on Wednesday, December 11th. Finally, Piper Sandler decreased their price objective on C3.ai from $42.00 to $28.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Five 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $31.33.

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.