EP Wealth Advisors LLC Raises Position in C3.ai, Inc. (NYSE:AI)

EP Wealth Advisors LLC increased its holdings in shares of C3.ai, Inc. (NYSE:AI) by 5.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,840 shares of the company’s stock after buying an additional 601 shares during the quarter. EP Wealth Advisors LLC’s holdings in C3.ai were worth $314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in C3.ai by 11.7% during the 1st quarter. Principal Financial Group Inc. now owns 10,703 shares of the company’s stock valued at $290,000 after purchasing an additional 1,119 shares in the last quarter. Global Assets Advisory LLC increased its position in shares of C3.ai by 2,547.8% in the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after acquiring an additional 862,811 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in C3.ai in the 2nd quarter worth $3,465,000. EverSource Wealth Advisors LLC lifted its position in C3.ai by 4,860.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 31,946 shares of the company’s stock worth $865,000 after acquiring an additional 31,302 shares during the period. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in C3.ai during the 4th quarter valued at about $1,012,000. 38.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research note on Thursday, September 5th. Bank of America reduced their price objective on C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a research note on Thursday, September 5th. Wedbush lowered their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Oppenheimer reiterated an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Finally, Canaccord Genuity Group lowered their price objective on C3.ai from $30.00 to $23.00 and set a “hold” 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 given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, C3.ai presently has a consensus rating of “Hold” and an average target price of $27.70.

C3.ai Price Performance

Shares of AI stock opened at $24.07 on Friday. C3.ai, Inc. has a 1-year low of $18.85 and a 1-year high of $38.30. The company has a market cap of $3.00 billion, a price-to-earnings ratio of -10.29 and a beta of 1.81. The stock has a 50 day simple moving average of $23.88 and a 200-day simple moving average of $25.63.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share 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 company had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. During the same period in the prior year, the business posted ($0.56) earnings per share. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. Analysts anticipate that C3.ai, Inc. will post -2.32 earnings per share for the current fiscal year.

C3.ai 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.