Insider Selling: C3.ai, Inc. (NYSE:AI) CEO Sells 589,468 Shares of Stock

C3.ai, Inc. (NYSE:AI - Get Free Report) CEO Thomas M. Siebel sold 589,468 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $28.58, for a total value of $16,846,995.44. Following the completion of the sale, the chief executive officer directly owned 3,227,334 shares of the company's stock, valued at $92,237,205.72. The trade was a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

C3.ai Price Performance

Shares of NYSE:AI traded up $0.01 on Friday, hitting $26.01. The company's stock had a trading volume of 7,299,122 shares, compared to its average volume of 6,373,952. The company has a 50-day simple moving average of $25.32 and a 200 day simple moving average of $25.44. C3.ai, Inc. has a 1 year low of $17.03 and a 1 year high of $45.08. The company has a market capitalization of $3.50 billion, a PE ratio of -11.61 and a beta of 1.99.

C3.ai (NYSE:AI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share for the quarter, beating analysts' consensus estimates of ($0.20) by $0.04. The company had revenue of $108.72 million for the quarter, compared to analysts' expectations of $107.85 million. C3.ai had a negative return on equity of 33.51% and a negative net margin of 74.21%. C3.ai's revenue for the quarter was up 25.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.11) EPS. On average, equities research analysts expect that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on AI shares. Westpark Capital upgraded C3.ai to a "strong-buy" rating and set a $40.00 price objective for the company in a research note on Wednesday, July 9th. KeyCorp restated a "mixed" rating on shares of C3.ai in a research note on Thursday, May 29th. UBS Group reduced their price objective on C3.ai from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, June 26th. Wall Street Zen upgraded C3.ai from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Oppenheimer reduced their price objective on C3.ai from $56.00 to $45.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $29.79.

Hedge Funds Weigh In On C3.ai

Large investors have recently modified their holdings of the company. Two Sigma Investments LP purchased a new position in shares of C3.ai during the fourth quarter valued at approximately $42,306,000. Man Group plc purchased a new position in shares of C3.ai during the fourth quarter valued at approximately $38,455,000. Two Sigma Advisers LP purchased a new position in shares of C3.ai during the fourth quarter valued at approximately $30,725,000. Renaissance Technologies LLC increased its stake in shares of C3.ai by 1,242.5% during the fourth quarter. Renaissance Technologies LLC now owns 718,231 shares of the company's stock valued at $24,729,000 after buying an additional 664,731 shares during the period. Finally, Vident Advisory LLC increased its stake in shares of C3.ai by 3,935.9% during the first quarter. Vident Advisory LLC now owns 568,492 shares of the company's stock valued at $11,967,000 after buying an additional 554,406 shares during the period. 38.96% of the stock is owned by hedge funds and other institutional investors.

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.