Edgestream Partners L.P. Invests $1.35 Million in C3.ai, Inc. (NYSE:AI)

Edgestream Partners L.P. bought a new position in shares of C3.ai, Inc. (NYSE:AI) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 39,110 shares of the company’s stock, valued at approximately $1,347,000.

A number of other hedge funds also recently modified their holdings of the stock. Brown Lisle Cummings Inc. lifted its stake in shares of C3.ai by 100.0% during the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock worth $28,000 after buying an additional 400 shares during the last quarter. Victory Capital Management Inc. increased its position in C3.ai by 3.4% during the third quarter. Victory Capital Management Inc. now owns 14,078 shares of the company’s stock worth $341,000 after acquiring an additional 457 shares during the period. Geneos Wealth Management Inc. increased its position in C3.ai by 72.4% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company’s stock worth $46,000 after acquiring an additional 555 shares during the period. Versor Investments LP increased its position in C3.ai by 6.4% during the third quarter. Versor Investments LP now owns 12,800 shares of the company’s stock worth $310,000 after acquiring an additional 770 shares during the period. Finally, Arizona State Retirement System increased its position in C3.ai by 2.6% during the fourth quarter. Arizona State Retirement System now owns 32,265 shares of the company’s stock worth $1,111,000 after acquiring an additional 826 shares during the period. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai Trading Down 7.0 %

AI opened at $20.96 on Tuesday. The company’s 50 day moving average is $30.73 and its 200-day moving average is $29.48. C3.ai, Inc. has a 1-year low of $18.85 and a 1-year high of $45.08. The company has a market cap of $2.70 billion, a P/E ratio of -9.48 and a beta of 2.03.

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

Insider Activity

In related news, CEO Thomas M. Siebel sold 409,831 shares of C3.ai stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $30.97, for a total transaction of $12,692,466.07. Following the sale, the chief executive officer now directly owns 1,756,390 shares in the company, valued at $54,395,398.30. This trade represents a 18.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jim H. Snabe sold 499,700 shares of C3.ai stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the sale, the director now owns 10,000 shares in the company, valued at approximately $430,500. This represents a 98.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,506,972 shares of company stock worth $54,010,382. Corporate insiders own 33.54% of the company’s stock.

Analysts Set New Price Targets

AI has been the topic of a number of recent research reports. DA Davidson lowered their price target on shares of C3.ai from $40.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Thursday, February 27th. Northland Securities raised their price target on shares of C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. JMP Securities raised their price target on shares of C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Tuesday, December 10th. Finally, Piper Sandler lowered their price target on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a research report 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $31.33.

C3.ai Company 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.