KLP Kapitalforvaltning AS Purchases Shares of 22,900 C3.ai, Inc. (NYSE:AI)

KLP Kapitalforvaltning AS bought a new stake in shares of 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 fund bought 22,900 shares of the company's stock, valued at approximately $788,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings 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 buying an additional 92,280 shares in the last quarter. Cerity Partners LLC grew its stake in C3.ai by 45.2% during the third quarter. Cerity Partners LLC now owns 24,133 shares of the company's stock valued at $585,000 after acquiring an additional 7,511 shares in the last quarter. FMR LLC increased its holdings in C3.ai by 149.2% during the 3rd quarter. FMR LLC now owns 13,994 shares of the company's stock worth $339,000 after acquiring an additional 8,378 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in C3.ai by 7.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,053 shares of the company's stock worth $583,000 after acquiring an additional 1,619 shares during the period. Finally, PDT Partners LLC purchased a new stake in C3.ai in the 3rd quarter worth approximately $1,624,000. Institutional investors own 38.96% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Morgan Stanley reduced their target price on C3.ai from $32.00 to $30.00 and set an "underweight" rating on the stock in a research note on Thursday, February 27th. JPMorgan Chase & Co. lowered C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 price objective on the stock. in a research report on Wednesday, December 11th. Needham & Company LLC restated a "hold" rating on shares of C3.ai in a research report on Thursday, February 27th. Canaccord Genuity Group reduced their price target on shares of C3.ai from $40.00 to $30.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Finally, DA Davidson cut their price objective 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. Five analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, C3.ai presently has a consensus rating of "Hold" and an average price target of $31.33.

Remove Ads

Insider Buying and Selling at C3.ai

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

C3.ai Price Performance

NYSE 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 52-week low of $18.13 and a 52-week high of $45.08. The firm has a 50-day simple moving average of $26.32 and a 200 day simple moving average of $29.30. The firm has a market cap of $2.51 billion, a PE ratio of -8.57 and a beta of 2.03.

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. Sell-side analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

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.