Integrated Advisors Network LLC cut its holdings in C3.ai, Inc. (NYSE:AI – Free Report) by 38.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,450 shares of the company’s stock after selling 6,470 shares during the quarter. Integrated Advisors Network LLC’s holdings in C3.ai were worth $351,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sigma Planning Corp acquired a new stake in C3.ai in the first quarter worth about $2,348,000. AtonRa Partners acquired a new stake in C3.ai in the first quarter worth about $421,000. Mirae Asset Global Investments Co. Ltd. increased its position in C3.ai by 27.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 923,057 shares of the company’s stock worth $30,987,000 after purchasing an additional 197,289 shares during the period. Parkside Financial Bank & Trust acquired a new stake in C3.ai in the first quarter worth about $27,000. Finally, Mutual of America Capital Management LLC acquired a new position in shares of C3.ai during the 1st quarter worth about $1,030,000. 45.63% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on AI shares. Piper Sandler lifted their price objective on C3.ai from $23.00 to $29.00 in a report on Thursday, June 1st. Bank of America boosted their target price on C3.ai from $16.00 to $18.00 in a research note on Thursday, June 1st. Oppenheimer assumed coverage on C3.ai in a research note on Thursday, June 29th. They set a “market perform” rating on the stock. Wolfe Research cut C3.ai from a “market perform” rating to an “underperform” rating and set a $14.00 price objective on the stock. in a research note on Monday, April 24th. Finally, Wedbush upgraded C3.ai from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $24.00 to $50.00 in a research note on Thursday, June 1st. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, C3.ai presently has a consensus rating of “Hold” and an average target price of $25.83.
C3.ai Stock Down 8.7 %
NYSE:AI opened at $32.87 on Thursday. The firm has a market capitalization of $3.80 billion, a PE ratio of -13.42 and a beta of 1.42. C3.ai, Inc. has a twelve month low of $10.16 and a twelve month high of $48.87. The stock’s 50-day simple moving average is $38.63 and its 200 day simple moving average is $28.53.
C3.ai (NYSE:AI – Get Free Report) last issued its earnings results on Wednesday, May 31st. The company reported ($0.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.08. C3.ai had a negative return on equity of 28.23% and a negative net margin of 100.77%. The business had revenue of $72.41 million during the quarter, compared to analysts’ expectations of $72.32 million. On average, analysts anticipate that C3.ai, Inc. will post -2.14 EPS for the current fiscal year.
Insider Buying and Selling at C3.ai
In related news, CFO Juho Parkkinen sold 4,220 shares of C3.ai stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $36.12, for a total value of $152,426.40. Following the completion of the sale, the chief financial officer now owns 314,353 shares of the company’s stock, valued at approximately $11,354,430.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CTO Edward Y. Abbo sold 457,585 shares of the business’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $32.96, for a total transaction of $15,082,001.60. Following the completion of the transaction, the chief technology officer now owns 650,777 shares of the company’s stock, valued at $21,449,609.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Juho Parkkinen sold 4,220 shares of the business’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $36.12, for a total value of $152,426.40. Following the transaction, the chief financial officer now directly owns 314,353 shares of the company’s stock, valued at approximately $11,354,430.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 629,805 shares of company stock worth $22,019,708. Corporate insiders own 38.08% of the company’s stock.
C3.ai Company 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.
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