Cibc World Market Inc. Sells 2,542 Shares of C3.ai, Inc. (NYSE:AI)

Cibc World Market Inc. lessened its stake in C3.ai, Inc. (NYSE:AIGet Rating) by 12.9% in the second quarter, HoldingsChannel reports. The firm owned 17,239 shares of the company’s stock after selling 2,542 shares during the period. Cibc World Market Inc.’s holdings in C3.ai were worth $315,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AI. Vanguard Group Inc. grew its stake in C3.ai by 29.9% in the first quarter. Vanguard Group Inc. now owns 7,969,409 shares of the company’s stock valued at $180,905,000 after acquiring an additional 1,834,412 shares during the period. Renaissance Technologies LLC boosted its position in shares of C3.ai by 39.3% during the first quarter. Renaissance Technologies LLC now owns 2,412,200 shares of the company’s stock worth $54,757,000 after buying an additional 680,700 shares during the period. Spring Creek Capital LLC acquired a new position in shares of C3.ai during the first quarter worth about $13,763,000. First Trust Advisors LP acquired a new position in shares of C3.ai during the first quarter worth about $4,803,000. Finally, Federated Hermes Inc. boosted its position in C3.ai by 6,198.7% during the first quarter. Federated Hermes Inc. now owns 154,003 shares of the company’s stock valued at $3,496,000 after purchasing an additional 151,558 shares during the last quarter. 44.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on AI. Piper Sandler reduced their price target on C3.ai from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, September 1st. Deutsche Bank Aktiengesellschaft reduced their price target on C3.ai from $14.50 to $13.00 and set a “sell” rating for the company in a research report on Tuesday, September 6th. Canaccord Genuity Group started coverage on C3.ai in a research report on Tuesday, October 11th. They set a “hold” rating and a $14.00 price target for the company. JMP Securities dropped their price objective on C3.ai from $28.00 to $25.00 and set a “market outperform” rating on the stock in a research note on Thursday, September 1st. Finally, Needham & Company LLC lowered C3.ai from a “buy” rating to a “hold” rating in a research note on Friday, September 2nd. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.20.

Insiders Place Their Bets

In other C3.ai news, Director Shankar Sastry sold 79,142 shares of the firm’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $13.19, for a total transaction of $1,043,882.98. Following the transaction, the director now owns 24,640 shares in the company, valued at approximately $325,001.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other C3.ai news, Director Shankar Sastry sold 79,142 shares of the firm’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $13.19, for a total transaction of $1,043,882.98. Following the transaction, the director now owns 24,640 shares in the company, valued at approximately $325,001.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Juho Parkkinen sold 2,378 shares of the firm’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $14.42, for a total value of $34,290.76. Following the transaction, the chief financial officer now owns 361,548 shares in the company, valued at approximately $5,213,522.16. The disclosure for this sale can be found here. Insiders have sold a total of 99,938 shares of company stock worth $1,317,639 in the last 90 days. Company insiders own 38.08% of the company’s stock.

C3.ai Trading Up 2.8 %

Shares of NYSE AI opened at $12.69 on Thursday. The firm has a market cap of $1.38 billion, a P/E ratio of -5.90 and a beta of 0.82. C3.ai, Inc. has a 1-year low of $11.29 and a 1-year high of $39.36. The business’s 50 day moving average is $12.89 and its 200-day moving average is $16.50.

C3.ai (NYSE:AIGet Rating) last announced its earnings results on Wednesday, August 31st. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.11). The firm had revenue of $65.31 million for the quarter, compared to the consensus estimate of $66.02 million. C3.ai had a negative return on equity of 19.23% and a negative net margin of 85.25%. C3.ai’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.23) EPS. Analysts forecast that C3.ai, Inc. will post -2.65 EPS for the current year.

C3.ai Profile

(Get Rating)

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software-as-a-service applications for enterprises. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; and C3 AI Applications, which include industry-specific and application-specific turnkey AI solutions.

See Also

Want to see what other hedge funds are holding AI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for C3.ai, Inc. (NYSE:AIGet Rating).

Institutional Ownership by Quarter for C3.ai (NYSE:AI)

Receive News & Ratings for C3.ai Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for C3.ai and related companies with MarketBeat.com's FREE daily email newsletter.