Cherry Creek Investment Advisors Inc. acquired a new position in shares of C3.ai, Inc. (NYSE:AI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,785 shares of the company’s stock, valued at approximately $237,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Captrust Financial Advisors grew its stake in shares of C3.ai by 127.1% in the 1st quarter. Captrust Financial Advisors now owns 436 shares of the company’s stock worth $29,000 after acquiring an additional 244 shares in the last quarter. Global Wealth Management Investment Advisory Inc. bought a new stake in shares of C3.ai in the 2nd quarter worth $29,000. Arkadios Wealth Advisors bought a new stake in shares of C3.ai in the 2nd quarter worth $36,000. NEXT Financial Group Inc grew its stake in shares of C3.ai by 102.7% in the 2nd quarter. NEXT Financial Group Inc now owns 592 shares of the company’s stock worth $37,000 after acquiring an additional 300 shares in the last quarter. Finally, Strategic Blueprint LLC bought a new stake in shares of C3.ai in the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 40.45% of the company’s stock.
Several equities analysts recently weighed in on AI shares. Morgan Stanley reduced their price target on shares of C3.ai from $62.00 to $45.00 and set an “underweight” rating for the company in a research report on Thursday, September 2nd. Zacks Investment Research lowered shares of C3.ai from a “hold” rating to a “sell” rating in a research report on Monday, September 6th. Needham & Company LLC reduced their price target on shares of C3.ai from $146.00 to $122.00 and set a “buy” rating for the company in a research report on Thursday, September 2nd. JMP Securities reduced their price target on shares of C3.ai from $167.00 to $96.00 and set a “market outperform” rating for the company in a research report on Thursday, September 2nd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of C3.ai from $63.00 to $50.00 and set a “hold” rating for the company in a research report on Friday, September 3rd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $87.78.
C3.ai (NYSE:AI) last announced its quarterly earnings results on Tuesday, August 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.09). The firm had revenue of $52.41 million for the quarter, compared to analysts’ expectations of $51.27 million. The company’s quarterly revenue was up 29.5% compared to the same quarter last year. On average, equities analysts predict that C3.ai, Inc. will post -1.53 EPS for the current fiscal year.
In other news, CMO Bruce A. Cleveland sold 10,000 shares of the stock in a transaction dated Friday, September 17th. The shares were sold at an average price of $50.43, for a total value of $504,300.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas M. Siebel sold 126,997 shares of the firm’s stock in a transaction that occurred on Wednesday, August 18th. The shares were sold at an average price of $45.98, for a total transaction of $5,839,322.06. Following the completion of the sale, the chief executive officer now directly owns 1,756,390 shares in the company, valued at $80,758,812.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,135,764 shares of company stock worth $54,741,374. Insiders own 52.65% of the company’s stock.
C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software-as-a-service applications for enterprises. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; and C3 AI Applications, which include industry-specific and application-specific turnkey AI solutions.
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