Avantax Advisory Services Inc. Decreases Holdings in C3.ai, Inc. (NYSE:AI)

Avantax Advisory Services Inc. trimmed its holdings in shares of C3.ai, Inc. (NYSE:AI) by 16.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,298 shares of the company’s stock after selling 3,860 shares during the quarter. Avantax Advisory Services Inc.’s holdings in C3.ai were worth $699,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AI. Geode Capital Management LLC raised its position in C3.ai by 8.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after purchasing an additional 178,870 shares during the period. SBI Securities Co. Ltd. bought a new position in C3.ai in the 4th quarter worth about $3,996,000. Raymond James Financial Inc. bought a new position in C3.ai in the 4th quarter worth about $3,942,000. Charles Schwab Investment Management Inc. grew its stake in C3.ai by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after acquiring an additional 92,280 shares in the last quarter. Finally, Hodges Capital Management Inc. bought a new position in C3.ai in the 3rd quarter worth about $1,955,000. 38.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AI has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Thursday, February 27th. StockNews.com upgraded shares of C3.ai to a “sell” rating in a research note on Tuesday, November 26th. DA Davidson dropped their price objective on shares of C3.ai from $40.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. JPMorgan Chase & Co. downgraded 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 note on Wednesday, December 11th. Finally, Morgan Stanley dropped their price objective on shares of C3.ai from $32.00 to $30.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $31.33.

C3.ai Trading Up 1.2 %

NYSE AI opened at $22.65 on Friday. The company has a fifty day simple moving average of $28.42 and a two-hundred day simple moving average of $29.29. The stock has a market cap of $3.01 billion, a P/E ratio of -10.25 and a beta of 2.03. C3.ai, Inc. has a 12-month low of $18.85 and a 12-month high of $45.08.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). The company had revenue of $98.78 million during the quarter, compared to analysts’ expectations of $98.12 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. As a group, sell-side analysts forecast that C3.ai, Inc. will post -2.44 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Thomas M. Siebel sold 409,831 shares of the firm’s stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $30.97, for a total transaction of $12,692,466.07. Following the completion of the transaction, the chief executive officer now owns 1,756,390 shares of the company’s stock, valued at $54,395,398.30. This trade represents a 18.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Merel Witteveen sold 1,133 shares of the firm’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $22.25, for a total transaction of $25,209.25. Following the transaction, the vice president now directly owns 7,287 shares of the company’s stock, valued at approximately $162,135.75. This trade represents a 13.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,510,546 shares of company stock valued at $43,235,262. Insiders own 33.54% of the company’s stock.

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.