Principal Financial Group Inc. Invests $324,000 in C3.ai, Inc. (NYSE:AI)

Principal Financial Group Inc. purchased a new stake in C3.ai, Inc. (NYSE:AI) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 9,419 shares of the company’s stock, valued at approximately $324,000.

A number of other institutional investors have also recently added to or reduced their stakes in AI. Brown Lisle Cummings Inc. grew its stake in C3.ai by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after acquiring an additional 400 shares during the period. R Squared Ltd acquired a new stake in C3.ai in the 4th quarter valued at $29,000. CENTRAL TRUST Co acquired a new stake in C3.ai in the 4th quarter valued at $34,000. Quest Partners LLC lifted its holdings in C3.ai by 9,033.3% in the 3rd quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock valued at $40,000 after purchasing an additional 1,626 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in C3.ai by 72.4% in the 4th quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company’s stock valued at $46,000 after purchasing an additional 555 shares in the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. KeyCorp decreased their price objective on C3.ai from $29.00 to $21.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a report on Thursday, February 27th. Northland Securities raised their price objective on C3.ai from $35.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Morgan Stanley decreased their price objective on C3.ai from $32.00 to $30.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. Finally, StockNews.com upgraded C3.ai to a “sell” rating in a report on Tuesday, November 26th. Five 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 issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $31.33.

C3.ai Stock Up 4.9 %

NYSE AI opened at $22.56 on Friday. C3.ai, Inc. has a 52 week low of $18.85 and a 52 week high of $45.08. The business’s fifty day simple moving average is $31.01 and its 200-day simple moving average is $29.43. The firm has a market cap of $2.91 billion, a PE ratio of -10.21 and a beta of 2.03.

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

Insider Activity at C3.ai

In other C3.ai news, Director Stephen M. Ward, Jr. sold 125,000 shares of C3.ai stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.00, for a total value of $5,250,000.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Hitesh Lath sold 3,949 shares of C3.ai stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total value of $167,279.64. Following the completion of the transaction, the chief financial officer now directly owns 851 shares of the company’s stock, valued at approximately $36,048.36. This represents a 82.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,643,311 shares of company stock worth $59,736,620. Company insiders own 33.54% of the company’s stock.

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.