Arizona State Retirement System Acquires 826 Shares of C3.ai, Inc. (NYSE:AI)

Arizona State Retirement System raised its holdings in shares of C3.ai, Inc. (NYSE:AI) by 2.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 32,265 shares of the company’s stock after acquiring an additional 826 shares during the period. Arizona State Retirement System’s holdings in C3.ai were worth $1,111,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Brown Lisle Cummings Inc. increased its position in shares of C3.ai by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after buying an additional 400 shares in the last quarter. R Squared Ltd bought a new stake in shares of C3.ai in the 4th quarter valued at $29,000. CENTRAL TRUST Co acquired a new position in C3.ai in the 4th quarter worth $34,000. Global Retirement Partners LLC boosted its stake in C3.ai by 1,004.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,115 shares of the company’s stock worth $38,000 after purchasing an additional 1,014 shares during the period. Finally, Geneos Wealth Management Inc. boosted its stake in C3.ai by 72.4% in the 4th quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company’s stock worth $46,000 after purchasing an additional 555 shares during the period. Institutional investors own 38.96% of the company’s stock.

Insider Buying and Selling at C3.ai

In other news, CFO Hitesh Lath sold 3,949 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total transaction of $167,279.64. Following the transaction, the chief financial officer now directly owns 851 shares of the company’s stock, valued at approximately $36,048.36. This trade represents a 82.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas M. Siebel sold 552,422 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $33.04, for a total transaction of $18,252,022.88. Following the transaction, the chief executive officer now directly owns 1,336,968 shares in the company, valued at $44,173,422.72. This represents a 29.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,501,972 shares of company stock valued at $53,818,532 in the last three months. 33.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on AI shares. Canaccord Genuity Group reduced their target price on shares of C3.ai from $40.00 to $30.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. JMP Securities upped their target price on shares of C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Tuesday, December 10th. StockNews.com raised shares of C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. downgraded shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price objective for the company. in a research note on Wednesday, December 11th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $31.33.

C3.ai Stock Performance

Shares of NYSE:AI opened at $20.87 on Friday. C3.ai, Inc. has a 52-week low of $18.85 and a 52-week high of $45.08. The company has a market capitalization of $2.69 billion, a P/E ratio of -9.44 and a beta of 2.03. The company has a 50-day simple moving average of $29.93 and a 200 day simple moving average of $29.34.

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

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.