Oppenheimer & Co. Inc. Trims Holdings in C3.ai, Inc. (NYSE:AI)

Oppenheimer & Co. Inc. reduced its holdings in shares of C3.ai, Inc. (NYSE:AI) by 4.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 56,982 shares of the company’s stock after selling 2,931 shares during the period. Oppenheimer & Co. Inc.’s holdings in C3.ai were worth $1,381,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of 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 buying an additional 317,768 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of C3.ai by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after acquiring an additional 1,929 shares in the last quarter. Raymond James & Associates raised its position in shares of C3.ai by 11.5% during the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after acquiring an additional 20,753 shares in the last quarter. Rhumbline Advisers raised its position in shares of C3.ai by 0.5% during the 2nd quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock valued at $3,630,000 after acquiring an additional 572 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of C3.ai during the 2nd quarter valued at approximately $3,465,000. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AI. Canaccord Genuity Group dropped their price target on C3.ai from $30.00 to $23.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Oppenheimer reissued an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Thursday, September 5th. DA Davidson dropped their target price on C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Finally, Morgan Stanley dropped their target price on C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a research report on Thursday, September 5th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.70.

C3.ai Stock Performance

NYSE:AI opened at $26.55 on Tuesday. C3.ai, Inc. has a 1 year low of $18.85 and a 1 year high of $38.30. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of -11.64 and a beta of 1.80. The business has a fifty day moving average of $24.92 and a 200-day moving average of $26.02.

C3.ai (NYSE:AI) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. During the same quarter in the prior year, the business posted ($0.56) earnings per share. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, equities research analysts predict that C3.ai, Inc. will post -2.31 EPS 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.