Intech Investment Management LLC Takes Position in C3.ai, Inc. (NYSE:AI)

Intech Investment Management LLC purchased a new position in C3.ai, Inc. (NYSE:AI) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 35,462 shares of the company’s stock, valued at approximately $859,000.

Several other large investors also recently added to or reduced their stakes in AI. Comerica Bank boosted its stake in C3.ai by 305.1% during the first quarter. Comerica Bank now owns 1,203 shares of the company’s stock worth $33,000 after buying an additional 906 shares during the period. Cetera Advisors LLC purchased a new position in shares of C3.ai during the 1st quarter worth about $465,000. Pathway Financial Advisers LLC purchased a new stake in C3.ai in the 1st quarter worth about $38,000. EverSource Wealth Advisors LLC lifted its stake in C3.ai by 4,860.6% in the first quarter. EverSource Wealth Advisors LLC now owns 31,946 shares of the company’s stock worth $865,000 after purchasing an additional 31,302 shares during the last quarter. Finally, Olistico Wealth LLC bought a new stake in C3.ai in the second quarter worth about $72,000. 38.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AI has been the topic of several recent analyst reports. Piper Sandler Companies reiterated a “neutral” rating and issued a $24.00 price target on shares of C3.ai in a report on Thursday, September 5th. Canaccord Genuity Group decreased their target price on C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Wedbush cut their price target on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a report on Thursday, September 5th. Finally, StockNews.com raised shares of C3.ai to a “sell” rating in a research report on Tuesday. Three 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $27.70.

C3.ai Stock Performance

NYSE AI opened at $36.39 on Friday. The company has a market cap of $4.62 billion, a PE ratio of -15.96 and a beta of 1.80. The firm’s 50 day moving average price is $27.08 and its 200-day moving average price is $26.64. C3.ai, Inc. has a 52-week low of $18.85 and a 52-week high of $39.88.

C3.ai (NYSE:AI) last announced its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.08. The business had revenue of $87.21 million for 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 business’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.56) EPS. On average, analysts forecast that C3.ai, Inc. will post -2.31 earnings per share for the current fiscal 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.