Commonwealth Equity Services LLC Trims Stock Holdings in C3.ai, Inc. (NYSE:AI)

Commonwealth Equity Services LLC decreased its holdings in C3.ai, Inc. (NYSE:AI) by 7.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,345 shares of the company’s stock after selling 4,855 shares during the period. Commonwealth Equity Services LLC’s holdings in C3.ai were worth $1,661,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AI. Toth Financial Advisory Corp lifted its position in C3.ai by 900.0% during the first quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock valued at $27,000 after purchasing an additional 900 shares during the last quarter. Unique Wealth Strategies LLC bought a new stake in C3.ai during the second quarter valued at approximately $28,000. Blue Trust Inc. lifted its position in C3.ai by 148.9% during the second quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock valued at $28,000 after purchasing an additional 615 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in C3.ai during the fourth quarter valued at approximately $29,000. Finally, Hobbs Group Advisors LLC bought a new stake in C3.ai during the second quarter valued at approximately $29,000. 38.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Piper Sandler Companies reiterated a “neutral” rating and set a $24.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a report on Thursday, September 5th. Northland Securities upgraded shares of C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a report on Thursday, May 30th. Morgan Stanley lowered 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. Finally, Wedbush lowered their price objective on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.70.

C3.ai Stock Up 0.6 %

Shares of NYSE AI opened at $23.00 on Friday. C3.ai, Inc. has a 52 week low of $18.85 and a 52 week high of $38.30. The firm’s fifty day moving average is $25.49 and its 200 day moving average is $26.44. The company has a market cap of $2.87 billion, a price-to-earnings ratio of -9.83 and a beta of 1.81.

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

Insider Buying and Selling at C3.ai

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of the business’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 transaction, the chief financial officer now directly owns 7,390 shares of the company’s stock, valued at approximately $203,668.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 34.00% of the company’s stock.

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.