The Manufacturers Life Insurance Company Acquires 1,940 Shares of C3.ai, Inc. (NYSE:AI)

The Manufacturers Life Insurance Company boosted its position in C3.ai, Inc. (NYSE:AI) by 3.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,554 shares of the company’s stock after buying an additional 1,940 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in C3.ai were worth $1,551,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. American Century Companies Inc. increased its holdings in shares of C3.ai by 2.1% during the 2nd quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock worth $621,000 after purchasing an additional 432 shares during the period. Principal Financial Group Inc. grew its stake in C3.ai by 4.3% during the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock worth $323,000 after buying an additional 462 shares during the last quarter. Forum Financial Management LP raised its position in C3.ai by 4.4% in the 2nd 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 last quarter. Rhumbline Advisers grew its holdings in C3.ai by 0.5% during the 2nd quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock worth $3,630,000 after acquiring an additional 572 shares during the last quarter. Finally, EP Wealth Advisors LLC increased 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.

Wall Street Analyst Weigh In

AI has been the topic of a number of analyst reports. Bank of America cut their price target on C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. JMP Securities restated a “market outperform” rating and set a $40.00 target price on shares of C3.ai in a research note on Thursday, September 5th. Piper Sandler reduced their price target on C3.ai from $29.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Morgan Stanley cut their price objective on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating for the company in a research report on Thursday, September 5th. Finally, Canaccord Genuity Group lowered their price objective on shares of C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, C3.ai has an average rating of “Hold” and an average price target of $27.70.

C3.ai Stock Up 0.5 %

AI opened at $26.22 on Friday. The stock has a market cap of $3.27 billion, a PE ratio of -11.21 and a beta of 1.81. C3.ai, Inc. has a twelve month low of $18.85 and a twelve month high of $38.30. The company has a fifty day moving average of $23.76 and a 200-day moving average of $25.54.

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

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.