Arizona State Retirement System Purchases 2,686 Shares of C3.ai, Inc. (NYSE:AI)

Arizona State Retirement System increased its holdings in C3.ai, Inc. (NYSE:AI) by 9.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,869 shares of the company’s stock after purchasing an additional 2,686 shares during the quarter. Arizona State Retirement System’s holdings in C3.ai were worth $865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Toth Financial Advisory Corp raised its holdings in C3.ai by 900.0% in the 1st quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $27,000 after purchasing an additional 900 shares in the last quarter. Unique Wealth Strategies LLC purchased a new position in C3.ai in the second quarter worth about $28,000. Blue Trust Inc. lifted its position in C3.ai by 148.9% in the 2nd quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock valued at $28,000 after acquiring an additional 615 shares in the last quarter. ICA Group Wealth Management LLC purchased a new stake in shares of C3.ai during the fourth quarter valued at $29,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of C3.ai during the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Price Performance

AI stock opened at $23.00 on Friday. The company has a market capitalization of $2.87 billion, a P/E ratio of -9.83 and a beta of 1.81. The firm’s fifty day simple moving average is $25.49 and its 200-day simple moving average is $26.44. C3.ai, Inc. has a 12 month low of $18.85 and a 12 month high of $38.30.

C3.ai (NYSE:AI) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative net margin of 85.47% and a negative return on equity of 31.28%. The business had revenue of $87.21 million for the quarter, compared to analysts’ expectations of $86.94 million. During the same quarter last year, the company earned ($0.56) EPS. The business’s revenue was up 20.5% on a year-over-year basis. As a group, sell-side analysts forecast that C3.ai, Inc. will post -2.32 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have commented on the company. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday, September 5th. Morgan Stanley dropped their price objective on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating for the company in a report on Thursday, September 5th. Northland Capmk raised C3.ai from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Canaccord Genuity Group reduced their price objective on C3.ai from $30.00 to $23.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Finally, Bank of America reduced their price target on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $27.70.

Insider Buying and Selling

In other news, CFO Hitesh Lath sold 3,005 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total transaction of $82,817.80. Following the completion of the sale, the chief financial officer now owns 7,390 shares of the company’s stock, valued at $203,668.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 34.00% of the company’s stock.

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.