ProShare Advisors LLC Boosts Stake in C3.ai, Inc. (NYSE:AI)

ProShare Advisors LLC raised its position in C3.ai, Inc. (NYSE:AI) by 91.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,769 shares of the company’s stock after purchasing an additional 15,163 shares during the quarter. ProShare Advisors LLC’s holdings in C3.ai were worth $1,094,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of C3.ai by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock worth $445,385,000 after acquiring an additional 446,529 shares during the period. Geode Capital Management LLC increased its position in shares of C3.ai by 14.1% during the fourth quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock worth $87,128,000 after acquiring an additional 313,066 shares during the period. Man Group plc purchased a new position in shares of C3.ai during the fourth quarter worth approximately $38,455,000. Northern Trust Corp increased its position in shares of C3.ai by 28.7% during the fourth quarter. Northern Trust Corp now owns 1,055,075 shares of the company’s stock worth $36,326,000 after acquiring an additional 235,364 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of C3.ai by 10.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 933,139 shares of the company’s stock worth $32,128,000 after acquiring an additional 88,750 shares during the period. 38.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Thursday, February 27th. KeyCorp dropped their price objective on shares of C3.ai from $21.00 to $17.00 and set an “underweight” rating on the stock in a research note on Thursday, April 17th. Morgan Stanley dropped their price objective on shares of C3.ai from $30.00 to $20.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 16th. Canaccord Genuity Group dropped their price objective on shares of C3.ai from $40.00 to $30.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Finally, Piper Sandler dropped their price objective on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Five 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’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $29.58.

Insider Transactions at C3.ai

In related news, CEO Thomas M. Siebel sold 356,418 shares of the business’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $20.19, for a total transaction of $7,196,079.42. Following the completion of the transaction, the chief executive officer now directly owns 241,768 shares in the company, valued at $4,881,295.92. The trade was a 59.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Merel Witteveen sold 1,133 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total transaction of $25,209.25. Following the transaction, the vice president now owns 7,287 shares of the company’s stock, valued at $162,135.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,529,051 shares of company stock worth $34,028,030. Company insiders own 33.54% of the company’s stock.

C3.ai Stock Up 4.1%

Shares of AI opened at $22.76 on Friday. C3.ai, Inc. has a twelve month low of $17.03 and a twelve month high of $45.08. The company has a 50 day moving average of $21.67 and a two-hundred day moving average of $28.42. The company has a market cap of $3.02 billion, a price-to-earnings ratio of -10.30 and a beta of 1.99.

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

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.