Summit Investment Advisors Inc. Acquires 3,005 Shares of C3.ai, Inc. (NYSE:AI)

Summit Investment Advisors Inc. increased its holdings in shares of C3.ai, Inc. (NYSE:AI) by 35.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 11,574 shares of the company’s stock after acquiring an additional 3,005 shares during the period. Summit Investment Advisors Inc.’s holdings in C3.ai were worth $398,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Brown Lisle Cummings Inc. lifted its position in shares of C3.ai by 100.0% during the fourth quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock worth $28,000 after purchasing an additional 400 shares during the last quarter. Russell Investments Group Ltd. increased its stake in C3.ai by 100.7% in the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock worth $31,000 after buying an additional 456 shares during the period. Legal & General Group Plc lifted its holdings in C3.ai by 0.4% during the 4th quarter. Legal & General Group Plc now owns 119,144 shares of the company’s stock valued at $4,102,000 after buying an additional 517 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in C3.ai by 72.4% in the 4th quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company’s stock worth $46,000 after acquiring an additional 555 shares in the last quarter. Finally, Corient Private Wealth LLC increased its position in shares of C3.ai by 2.4% during the fourth quarter. Corient Private Wealth LLC now owns 23,371 shares of the company’s stock worth $805,000 after acquiring an additional 555 shares during the period. Hedge funds and other institutional investors own 38.96% of the company’s stock.

Wall Street Analysts Forecast Growth

AI has been the topic of several research analyst reports. Piper Sandler dropped their price objective on C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. DA Davidson cut their price target on C3.ai from $25.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Canaccord Genuity Group lowered their price objective on shares of C3.ai from $40.00 to $30.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Morgan Stanley cut their target price on shares of C3.ai from $30.00 to $20.00 and set an “underweight” rating on the stock in a research report on Wednesday. Finally, KeyCorp lowered their price target on shares of C3.ai from $21.00 to $17.00 and set an “underweight” rating for the company in a research report on Thursday. Five 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $29.58.

Insider Activity at C3.ai

In other news, VP Merel Witteveen sold 1,133 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total value of $25,209.25. Following the sale, the vice president now owns 7,287 shares in the company, valued at $162,135.75. This represents a 13.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas M. Siebel sold 552,422 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $33.04, for a total transaction of $18,252,022.88. Following the transaction, the chief executive officer now owns 1,336,968 shares of the company’s stock, valued at $44,173,422.72. This represents a 29.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,446,967 shares of company stock valued at $37,175,326 in the last ninety days. Company insiders own 33.54% of the company’s stock.

C3.ai Stock Performance

Shares of NYSE AI opened at $19.38 on Friday. C3.ai, Inc. has a fifty-two week low of $17.03 and a fifty-two week high of $45.08. The company has a market cap of $2.57 billion, a PE ratio of -8.77 and a beta of 2.01. The business has a 50-day simple moving average of $23.20 and a two-hundred day simple moving average of $28.94.

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

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.