Hitesh Lath Sells 3,005 Shares of C3.ai, Inc. (NYSE:AI) Stock

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 3,005 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total value of $82,817.80. Following the sale, the chief financial officer now owns 7,390 shares in the company, valued at approximately $203,668.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

C3.ai Stock Up 1.4 %

NYSE AI opened at $28.96 on Friday. The stock’s 50-day simple moving average is $26.41 and its two-hundred day simple moving average is $27.16. C3.ai, Inc. has a twelve month low of $20.23 and a twelve month high of $44.90. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -12.38 and a beta of 1.85.

C3.ai (NYSE:AI) last released its quarterly earnings results on Wednesday, May 29th. The company reported ($0.59) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.18. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The business had revenue of $86.59 million for the quarter, compared to the consensus estimate of $84.45 million. On average, equities analysts expect that C3.ai, Inc. will post -2.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on AI. Canaccord Genuity Group dropped their target price on C3.ai from $31.00 to $30.00 and set a “hold” rating on the stock in a research report on Thursday, May 30th. Northland Securities upgraded C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a research report on Thursday, May 30th. Morgan Stanley lifted their price objective on C3.ai from $21.00 to $23.00 and gave the company an “underweight” rating in a research note on Thursday, May 30th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research note on Thursday, May 30th. Finally, Wedbush reissued an “outperform” rating and set a $40.00 price objective on shares of C3.ai in a research note on Wednesday, May 29th. Three analysts have rated the stock with a sell rating, five have assigned 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 stock has an average rating of “Hold” and a consensus target price of $31.30.

Institutional Investors Weigh In On C3.ai

A number of large investors have recently added to or reduced their stakes in AI. Global Assets Advisory LLC increased its holdings in shares of 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 during the period. Qube Research & Technologies Ltd purchased a new position in shares of C3.ai in the third quarter worth about $17,166,000. Vanguard Group Inc. increased its holdings in shares of C3.ai by 6.7% in the third quarter. Vanguard Group Inc. now owns 10,477,374 shares of the company’s stock worth $267,383,000 after buying an additional 659,986 shares during the period. Coatue Management LLC increased its holdings in shares of 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 during the period. Finally, Norges Bank purchased a new position in shares of C3.ai in the fourth quarter worth about $10,879,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

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.