Geode Capital Management LLC Has $87.13 Million Stake in C3.ai, Inc. (NYSE:AI)

Geode Capital Management LLC lifted its position in shares of C3.ai, Inc. (NYSE:AI) by 14.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 2,529,991 shares of the company’s stock after purchasing an additional 313,066 shares during the quarter. Geode Capital Management LLC’s holdings in C3.ai were worth $87,128,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. FMR LLC boosted its holdings in C3.ai by 149.2% during the third quarter. FMR LLC now owns 13,994 shares of the company’s stock worth $339,000 after purchasing an additional 8,378 shares during the last quarter. Janus Henderson Group PLC lifted its position in C3.ai by 21.3% during the 3rd quarter. Janus Henderson Group PLC now owns 52,182 shares of the company’s stock worth $1,265,000 after buying an additional 9,160 shares in the last quarter. State Street Corp boosted its stake in shares of C3.ai by 1.8% during the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after buying an additional 38,185 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of C3.ai by 28.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,400 shares of the company’s stock worth $496,000 after buying an additional 3,161 shares during the last quarter. Finally, TT International Asset Management LTD bought a new position in shares of C3.ai in the 4th quarter valued at about $482,000. 38.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AI. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Thursday, February 27th. Morgan Stanley dropped their price objective on C3.ai from $32.00 to $30.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group decreased 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. DA Davidson dropped their price target on shares of C3.ai from $40.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Finally, Piper Sandler decreased their price objective on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, C3.ai currently has an average rating of “Hold” and an average target price of $31.33.

C3.ai Price Performance

AI opened at $20.31 on Friday. The business has a fifty day simple moving average of $24.87 and a 200 day simple moving average of $29.10. C3.ai, Inc. has a 1 year low of $17.03 and a 1 year high of $45.08. The company has a market capitalization of $2.70 billion, a PE ratio of -9.19 and a beta of 2.01.

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

Insider Transactions at C3.ai

In other news, CEO Thomas M. Siebel sold 294,116 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $21.50, for a total transaction of $6,323,494.00. Following the sale, the chief executive officer now directly owns 943,151 shares of the company’s stock, valued at approximately $20,277,746.50. This represents a 23.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard C. Levin sold 12,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $29.84, for a total value of $358,080.00. Following the completion of the transaction, the director now directly owns 161,664 shares of the company’s stock, valued at approximately $4,824,053.76. This trade represents a 6.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,486,813 shares of company stock valued at $42,407,563. 33.54% of the stock is currently owned by company insiders.

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.