Wells Fargo & Company MN Trims Stock Position in C3.ai, Inc. (NYSE:AI)

Wells Fargo & Company MN cut its stake in shares of C3.ai, Inc. (NYSE:AI - Free Report) by 32.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 167,100 shares of the company's stock after selling 78,645 shares during the quarter. Wells Fargo & Company MN owned about 0.13% of C3.ai worth $5,753,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Brown Lisle Cummings Inc. raised its position in C3.ai by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company's stock worth $28,000 after buying an additional 400 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of C3.ai by 72.4% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company's stock valued at $46,000 after purchasing an additional 555 shares during the last quarter. Corient Private Wealth LLC lifted its position in C3.ai by 2.4% during the fourth quarter. Corient Private Wealth LLC now owns 23,371 shares of the company's stock valued at $805,000 after purchasing an additional 555 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in C3.ai by 35.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,128 shares of the company's stock worth $71,000 after purchasing an additional 560 shares during the last quarter. Finally, Arizona State Retirement System grew its position in C3.ai by 2.6% in the 4th quarter. Arizona State Retirement System now owns 32,265 shares of the company's stock worth $1,111,000 after purchasing an additional 826 shares during the period. Hedge funds and other institutional investors own 38.96% of the company's stock.

C3.ai Stock Performance

AI traded up $0.03 during trading on Friday, reaching $19.38. 2,348,902 shares of the company traded hands, compared to its average volume of 5,207,977. C3.ai, Inc. has a 12-month low of $17.03 and a 12-month high of $45.08. The firm has a fifty day simple moving average of $23.20 and a 200 day simple moving average of $28.94. The company has a market cap of $2.57 billion, a P/E ratio of -8.77 and a beta of 2.01.

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

Insiders Place Their Bets

In other news, CEO Thomas M. Siebel sold 13,567 shares of C3.ai stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $19.47, for a total value of $264,149.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas M. Siebel sold 552,422 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $33.04, for a total value of $18,252,022.88. Following the transaction, the chief executive officer now directly owns 1,336,968 shares in the company, valued at approximately $44,173,422.72. This represents a 29.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,446,967 shares of company stock valued at $37,175,326 in the last quarter. 33.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AI has been the topic of a number of research reports. DA Davidson dropped their price target on C3.ai from $25.00 to $18.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. KeyCorp dropped their target price on C3.ai from $21.00 to $17.00 and set an "underweight" rating on the stock in a research report on Thursday. Needham & Company LLC reaffirmed a "hold" rating on shares of C3.ai in a research report on Thursday, February 27th. Piper Sandler dropped their price objective on shares of C3.ai from $42.00 to $28.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. 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 assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $29.58.

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.