MML Investors Services LLC Trims Holdings in C3.ai, Inc. (NYSE:AI)

MML Investors Services LLC reduced its stake in shares of C3.ai, Inc. (NYSE:AI) by 18.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,728 shares of the company’s stock after selling 2,496 shares during the quarter. MML Investors Services LLC’s holdings in C3.ai were worth $260,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in AI. American Century Companies Inc. boosted its position in C3.ai by 2.1% in the 2nd quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock valued at $621,000 after buying an additional 432 shares during the period. Victory Capital Management Inc. raised its stake in shares of C3.ai by 3.4% during the third quarter. Victory Capital Management Inc. now owns 14,078 shares of the company’s stock valued at $341,000 after acquiring an additional 457 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of C3.ai by 4.3% during the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock valued at $323,000 after acquiring an additional 462 shares in the last quarter. Forum Financial Management LP boosted its holdings in shares of C3.ai by 4.4% in the second quarter. Forum Financial Management LP now owns 12,893 shares of the company’s stock valued at $373,000 after purchasing an additional 539 shares during the period. Finally, Rhumbline Advisers grew its stake in C3.ai by 0.5% in the second quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock worth $3,630,000 after purchasing an additional 572 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AI shares. DA Davidson upgraded C3.ai to a “hold” rating in a report on Wednesday, December 18th. Bank of America lowered their price objective on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a research note on Thursday, September 5th. Piper Sandler Companies reissued a “neutral” rating and set a $24.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Wedbush lowered their price target on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Finally, Canaccord Genuity Group lifted their price objective on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 11th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $35.00.

Insiders Place Their Bets

In related news, Director John E. Hyten sold 5,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $38.37, for a total value of $191,850.00. Following the completion of the transaction, the director now owns 263,843 shares in the company, valued at $10,123,655.91. This trade represents a 1.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Hitesh Lath sold 11,339 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $476,238.00. Following the sale, the chief financial officer now owns 851 shares in the company, valued at approximately $35,742. The trade was a 93.02 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 644,988 shares of company stock valued at $27,597,453. 33.54% of the stock is currently owned by corporate insiders.

C3.ai Price Performance

Shares of AI stock opened at $35.71 on Thursday. The stock’s fifty day moving average price is $32.12 and its 200 day moving average price is $28.13. C3.ai, Inc. has a 1-year low of $18.85 and a 1-year high of $45.08. The company has a market cap of $4.61 billion, a price-to-earnings ratio of -16.16 and a beta of 2.00.

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.