Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Holdings in C3.ai, Inc. (NYSE:AI)

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in C3.ai, Inc. (NYSE:AI - Free Report) by 453.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,424 shares of the company's stock after buying an additional 15,912 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in C3.ai were worth $714,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in AI. Charles Schwab Investment Management Inc. grew its position in shares of C3.ai by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company's stock worth $20,460,000 after buying an additional 92,280 shares in the last quarter. Cerity Partners LLC grew its holdings in C3.ai by 45.2% during the 3rd quarter. Cerity Partners LLC now owns 24,133 shares of the company's stock worth $585,000 after acquiring an additional 7,511 shares in the last quarter. FMR LLC increased its position in C3.ai by 149.2% during the 3rd quarter. FMR LLC now owns 13,994 shares of the company's stock valued at $339,000 after purchasing an additional 8,378 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of C3.ai by 7.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,053 shares of the company's stock valued at $583,000 after purchasing an additional 1,619 shares in the last quarter. Finally, Holocene Advisors LP lifted its position in shares of C3.ai by 98.4% in the 3rd quarter. Holocene Advisors LP now owns 75,780 shares of the company's stock worth $1,836,000 after purchasing an additional 37,594 shares during the period. 38.96% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

Several equities analysts recently issued reports on AI shares. KeyCorp cut their price objective on shares of C3.ai from $29.00 to $21.00 and set an "underweight" rating on the stock in a report on Thursday, February 27th. Piper Sandler cut their price target on C3.ai from $42.00 to $28.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. JMP Securities boosted their price target on C3.ai from $40.00 to $55.00 and gave the stock a "market outperform" rating in a research report on Tuesday, December 10th. Northland Securities raised their price objective on C3.ai from $35.00 to $45.00 and gave the company an "outperform" rating in a research report on Tuesday, December 10th. Finally, Canaccord Genuity Group reduced their target price on shares of C3.ai from $40.00 to $30.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $31.33.

Insider Activity

In other 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 value of $12,692,466.07. Following the sale, the chief executive officer now owns 1,756,390 shares in the company, valued at $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 is available through the SEC website. Also, Director Richard C. Levin sold 12,000 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $29.84, for a total transaction of $358,080.00. Following the transaction, the director now owns 161,664 shares of the company's stock, valued at $4,824,053.76. This represents a 6.91 % decrease in their ownership of the stock. 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. Company insiders own 33.54% of the company's stock.

C3.ai Price Performance

NYSE:AI traded up $0.16 during trading hours on Monday, hitting $19.15. 6,322,342 shares of the company were exchanged, compared to its average volume of 5,249,360. C3.ai, Inc. has a 52-week low of $17.03 and a 52-week high of $45.08. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of -8.66 and a beta of 2.01. The company's 50 day moving average price is $26.08 and its 200-day moving average price is $29.31.

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

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.