Benjamin Edwards Inc. Trims Holdings in C3.ai, Inc. (NYSE:AI)

Benjamin Edwards Inc. lowered its stake in shares of C3.ai, Inc. (NYSE:AI) by 19.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 18,004 shares of the company’s stock after selling 4,260 shares during the period. Benjamin Edwards Inc.’s holdings in C3.ai were worth $521,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AI. American Century Companies Inc. lifted its stake in C3.ai by 2.1% during the second quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock worth $621,000 after purchasing an additional 432 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of C3.ai by 4.3% in the 2nd quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock valued at $323,000 after buying an additional 462 shares during the period. Forum Financial Management LP lifted its stake in C3.ai by 4.4% during the 2nd quarter. Forum Financial Management LP now owns 12,893 shares of the company’s stock worth $373,000 after acquiring an additional 539 shares in the last quarter. Rhumbline Advisers boosted its holdings in 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 during the period. Finally, EP Wealth Advisors LLC grew its position in C3.ai by 6.2% in the 1st quarter. EP Wealth Advisors LLC now owns 10,239 shares of the company’s stock valued at $277,000 after acquiring an additional 600 shares in the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.

Analysts Set New Price Targets

AI has been the topic of several research reports. Bank of America reduced their price target on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Wedbush decreased 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. Canaccord Genuity Group dropped their price target on shares of C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. DA Davidson reduced their price objective on C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Finally, Northland Capmk raised C3.ai from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Three 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 stock. According to MarketBeat, C3.ai presently has a consensus rating of “Hold” and an average target price of $27.70.

C3.ai Price Performance

Shares of NYSE AI opened at $23.26 on Friday. The business has a 50-day moving average of $24.85 and a two-hundred day moving average of $26.12. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -9.94 and a beta of 1.81. C3.ai, Inc. has a 1 year low of $18.85 and a 1 year high of $38.30.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.08. The firm had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The firm’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.56) earnings per share. As a group, equities research analysts expect that C3.ai, Inc. will post -2.32 earnings per share for the current year.

Insider Activity

In related news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total transaction of $82,817.80. Following the sale, the chief financial officer now directly owns 7,390 shares in the company, valued at approximately $203,668.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 34.00% of the company’s stock.

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.