LGT Fund Management Co Ltd. Makes New Investment in C3.ai, Inc. (NYSE:AI)

LGT Fund Management Co Ltd. purchased a new stake in C3.ai, Inc. (NYSE:AI - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 31,900 shares of the company's stock, valued at approximately $924,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of AI. Vanguard Group Inc. increased its position in C3.ai by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company's stock valued at $288,239,000 after purchasing an additional 317,768 shares during the period. Coatue Management LLC raised its stake in C3.ai by 25.1% in the fourth quarter. Coatue Management LLC now owns 2,832,229 shares of the company's stock worth $81,313,000 after buying an additional 568,369 shares in the last quarter. Global Assets Advisory LLC raised its stake in C3.ai by 2,547.8% in the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company's stock worth $24,273,000 after buying an additional 862,811 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in C3.ai by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company's stock worth $22,344,000 after buying an additional 1,929 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in C3.ai by 10.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 706,677 shares of the company's stock valued at $20,289,000 after acquiring an additional 66,701 shares in the last quarter. Institutional investors own 38.96% of the company's stock.

C3.ai Price Performance

AI traded down $0.10 on Wednesday, reaching $21.40. 3,097,178 shares of the stock were exchanged, compared to its average volume of 5,932,095. The company's 50-day moving average price is $25.88 and its 200 day moving average price is $26.57. The firm has a market capitalization of $2.67 billion, a PE ratio of -9.21 and a beta of 1.81. C3.ai, Inc. has a fifty-two week low of $18.85 and a fifty-two week high of $38.30.

C3.ai (NYSE:AI - Get Free Report) last issued its earnings results on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.08. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The firm had revenue of $87.21 million for the quarter, compared to analyst estimates of $86.94 million. During the same quarter in the prior year, the firm earned ($0.56) earnings per share. C3.ai's revenue for the quarter was up 20.5% on a year-over-year basis. As a group, equities analysts forecast that C3.ai, Inc. will post -2.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on AI. Northland Securities raised C3.ai from a "market perform" rating to an "outperform" rating and set a $35.00 price target for the company in a research report on Thursday, May 30th. DA Davidson decreased their price target on shares of C3.ai from $30.00 to $20.00 and set a "neutral" rating for the company in a research report on Thursday, September 5th. Wedbush cut their price objective on shares of C3.ai from $40.00 to $30.00 and set an "outperform" rating on the stock in a research report on Thursday, September 5th. Morgan Stanley decreased their target price on shares of C3.ai from $23.00 to $21.00 and set an "underweight" rating for the company in a research report on Thursday, September 5th. Finally, Bank of America lowered their target price on shares of C3.ai from $24.00 to $20.00 and set an "underperform" rating for the company in a research note on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $27.70.

Insider Transactions at C3.ai

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $27.56, for a total transaction of $82,817.80. Following the completion of the transaction, the chief financial officer now owns 7,390 shares in the company, valued at approximately $203,668.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 34.00% of the company's stock.

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.