Geode Capital Management LLC Buys 178,870 Shares of C3.ai, Inc. (NYSE:AI)

Geode Capital Management LLC raised its position in C3.ai, Inc. (NYSE:AI) by 8.8% during the third quarter, Holdings Channel reports. The firm owned 2,216,925 shares of the company’s stock after purchasing an additional 178,870 shares during the period. Geode Capital Management LLC’s holdings in C3.ai were worth $53,728,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of AI. JTC Employer Solutions Trustee Ltd bought a new stake in shares of C3.ai during the 3rd quarter valued at about $25,000. Blue Trust Inc. lifted its stake in C3.ai by 148.9% in the second quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock valued at $28,000 after buying an additional 615 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of C3.ai by 311.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock worth $30,000 after buying an additional 795 shares in the last quarter. Quest Partners LLC grew its position in shares of C3.ai by 9,033.3% during the 3rd quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock worth $40,000 after buying an additional 1,626 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of C3.ai in the 2nd quarter valued at $41,000. 38.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AI has been the topic of several research analyst reports. Northland Securities increased their target price on shares of C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. cut shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price objective on the stock. in a research report on Wednesday, December 11th. StockNews.com raised C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Wedbush cut their price target on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Finally, Piper Sandler boosted their price objective on C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, C3.ai currently has an average rating of “Hold” and a consensus price target of $35.00.

Insider Buying and Selling

In related news, Director Jim H. Snabe sold 499,700 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total value of $21,512,085.00. Following the sale, the director now directly owns 10,000 shares of the company’s stock, valued at $430,500. This represents a 98.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Hitesh Lath sold 11,339 shares of C3.ai 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 transaction, the chief financial officer now owns 851 shares of the company’s stock, valued at $35,742. The trade was a 93.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 644,988 shares of company stock valued at $27,597,453 over the last ninety days. 33.54% of the stock is owned by insiders.

C3.ai Price Performance

Shares of AI stock opened at $36.34 on Monday. The business has a 50-day moving average of $31.78 and a 200 day moving average of $28.05. C3.ai, Inc. has a 1-year low of $18.85 and a 1-year high of $45.08. The stock has a market capitalization of $4.69 billion, a PE ratio of -16.44 and a beta of 2.00.

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.