Rhumbline Advisers Buys 572 Shares of C3.ai, Inc. (NYSE:AI)

Rhumbline Advisers grew its holdings in C3.ai, Inc. (NYSE:AI) by 0.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 125,344 shares of the company’s stock after buying an additional 572 shares during the quarter. Rhumbline Advisers owned approximately 0.10% of C3.ai worth $3,630,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Global Assets Advisory LLC lifted its holdings in shares of C3.ai by 2,547.8% during the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after purchasing an additional 862,811 shares in the last quarter. Coatue Management LLC lifted its holdings in shares of C3.ai by 25.1% during the 4th quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock valued at $81,313,000 after purchasing an additional 568,369 shares in the last quarter. Norges Bank bought a new stake in C3.ai in the 4th quarter valued at approximately $10,879,000. Vanguard Group Inc. lifted its stake in C3.ai by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after acquiring an additional 317,768 shares in the last quarter. Finally, Virtu Financial LLC lifted its stake in C3.ai by 541.6% in the 1st quarter. Virtu Financial LLC now owns 108,720 shares of the company’s stock valued at $2,943,000 after acquiring an additional 91,774 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.

C3.ai Trading Up 1.2 %

AI stock opened at $23.28 on Tuesday. The firm has a market capitalization of $2.91 billion, a PE ratio of -9.95 and a beta of 1.81. C3.ai, Inc. has a 1-year low of $18.85 and a 1-year high of $38.30. The business’s 50 day simple moving average is $25.35 and its 200 day simple moving average is $26.32.

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

Insider Activity

In related news, CFO Hitesh Lath sold 3,005 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was 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 directly owns 7,390 shares in the company, valued at approximately $203,668.40. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 34.00% of the company’s stock.

Analysts Set New Price Targets

AI has been the topic of several research reports. JMP Securities restated a “market outperform” rating and issued a $40.00 target price on shares of C3.ai in a research note on Thursday, September 5th. DA Davidson dropped their price objective on C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Bank of America dropped their price objective on C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. Northland Securities upgraded C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a research note on Thursday, May 30th. Finally, Northland Capmk upgraded C3.ai from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, C3.ai presently has an average rating of “Hold” and an average target price of $27.70.

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.