MML Investors Services LLC Reduces Stock Position in C3.ai, Inc. (NYSE:AI)

MML Investors Services LLC trimmed its stake in shares of C3.ai, Inc. (NYSE:AI) by 18.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,728 shares of the company’s stock after selling 2,496 shares during the period. MML Investors Services LLC’s holdings in C3.ai were worth $260,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AI. American Century Companies Inc. increased its position in shares of C3.ai by 2.1% during the 2nd quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock valued at $621,000 after purchasing an additional 432 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of C3.ai by 3.4% during the 3rd quarter. Victory Capital Management Inc. now owns 14,078 shares of the company’s stock valued at $341,000 after acquiring an additional 457 shares during the period. Principal Financial Group Inc. increased its stake in shares of C3.ai by 4.3% in the 2nd quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock worth $323,000 after purchasing an additional 462 shares in the last quarter. Forum Financial Management LP raised its holdings in C3.ai by 4.4% in the 2nd quarter. Forum Financial Management LP now owns 12,893 shares of the company’s stock worth $373,000 after purchasing an additional 539 shares during the period. Finally, Rhumbline Advisers grew its holdings in C3.ai by 0.5% during the second quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock valued at $3,630,000 after purchasing an additional 572 shares during the period. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Price Performance

Shares of AI opened at $35.71 on Thursday. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of -16.16 and a beta of 2.00. C3.ai, Inc. has a 1 year low of $18.85 and a 1 year high of $45.08. The business’s 50 day simple moving average is $32.12 and its 200-day simple moving average is $28.13.

Insider Activity at C3.ai

In other C3.ai news, Director Stephen M. Ward, Jr. sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the sale, the director now directly owns 546,495 shares of the company’s stock, valued at $22,952,790. The trade was a 18.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Hitesh Lath sold 3,949 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total value of $167,279.64. Following the transaction, the chief financial officer now directly owns 851 shares in the company, valued at approximately $36,048.36. This represents a 82.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 644,988 shares of company stock valued at $27,597,453 over the last 90 days. 33.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

AI has been the topic of several recent research reports. Piper Sandler Companies reaffirmed a “neutral” rating and issued a $24.00 price objective on shares of C3.ai in a research note on Thursday, September 5th. Morgan Stanley lifted their price target on shares of C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a report on Tuesday, December 10th. Northland Securities increased their price objective on shares of C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. KeyCorp cut shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 target price on the stock. in a research note on Thursday, December 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Tuesday, December 10th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, C3.ai presently has a consensus rating of “Hold” and a consensus target price of $35.00.

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.