State Street Corp Acquires 38,185 Shares of C3.ai, Inc. (NYSE:AI)

State Street Corp lifted its holdings in shares of C3.ai, Inc. (NYSE:AI) by 1.8% during the 3rd quarter, Holdings Channel reports. The firm owned 2,121,391 shares of the company’s stock after purchasing an additional 38,185 shares during the quarter. State Street Corp’s holdings in C3.ai were worth $51,401,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in AI. Blue Trust Inc. boosted its stake in C3.ai by 148.9% during the second quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock worth $28,000 after acquiring an additional 615 shares in the last quarter. Raymond James & Associates grew its stake in shares of C3.ai by 11.5% in the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after buying an additional 20,753 shares during the period. Nisa Investment Advisors LLC increased its position in C3.ai by 10.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 22,335 shares of the company’s stock valued at $647,000 after buying an additional 2,187 shares in the last quarter. Bank of New York Mellon Corp raised its stake in 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 worth $22,344,000 after buying an additional 1,929 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in C3.ai by 5.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,434 shares of the company’s stock worth $650,000 after buying an additional 1,060 shares during the period. Institutional investors and hedge funds own 38.96% of the company’s stock.

Insider Buying and Selling at C3.ai

In other news, CFO Hitesh Lath sold 11,339 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.00, for a total transaction of $476,238.00. Following the completion of the transaction, the chief financial officer now directly owns 851 shares of the company’s stock, valued at $35,742. This represents a 93.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jim H. Snabe sold 499,700 shares of C3.ai stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at $430,500. This trade represents a 98.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 644,988 shares of company stock worth $27,597,453 in the last quarter. 33.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on AI shares. KeyCorp downgraded C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective for the company. in a report on Thursday. JPMorgan Chase & Co. lowered shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target for the company. in a research note on Wednesday, December 11th. Piper Sandler raised their price objective on shares of C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Oppenheimer reiterated an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research note on Thursday, September 5th. Finally, Morgan Stanley boosted their price objective on C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a report on Tuesday, December 10th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $35.00.

C3.ai Trading Down 10.7 %

Shares of AI opened at $35.45 on Friday. The stock has a 50 day moving average of $31.59 and a 200 day moving average of $28.03. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of -16.04 and a beta of 2.00. C3.ai, Inc. has a 12 month low of $18.85 and a 12 month high of $45.08.

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.