C3.ai, Inc. (NYSE:AI) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its position in C3.ai, Inc. (NYSE:AI - Free Report) by 3.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 719,259 shares of the company's stock after buying an additional 23,366 shares during the period. Bank of New York Mellon Corp owned approximately 0.54% of C3.ai worth $15,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of AI. Susquehanna Fundamental Investments LLC bought a new stake in C3.ai during the fourth quarter valued at about $3,159,000. Vanguard Group Inc. raised its holdings in C3.ai by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company's stock valued at $445,385,000 after acquiring an additional 446,529 shares during the period. GAMMA Investing LLC increased its holdings in shares of C3.ai by 4,846.5% in the first quarter. GAMMA Investing LLC now owns 12,020 shares of the company's stock worth $253,000 after purchasing an additional 11,777 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of C3.ai by 14.1% in the fourth quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company's stock worth $87,128,000 after purchasing an additional 313,066 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of C3.ai in the fourth quarter worth about $2,128,000. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

C3.ai Price Performance

AI stock traded down $0.10 during trading on Tuesday, hitting $28.24. The stock had a trading volume of 2,561,198 shares, compared to its average volume of 5,372,726. C3.ai, Inc. has a twelve month low of $17.03 and a twelve month high of $45.08. The stock has a market capitalization of $3.79 billion, a P/E ratio of -12.58 and a beta of 1.99. The company's 50-day moving average price is $24.95 and its two-hundred day moving average price is $25.60.

C3.ai (NYSE:AI - Get Free Report) last released its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.04. The business had revenue of $108.72 million for the quarter, compared to analyst estimates of $107.85 million. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. The business's revenue was up 25.5% on a year-over-year basis. During the same period last year, the company posted ($0.11) EPS. As a group, sell-side analysts expect that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Insider Buying and Selling at C3.ai

In related news, Director John E. Hyten sold 10,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $23.75, for a total value of $237,500.00. Following the transaction, the director owned 63,942 shares of the company's stock, valued at $1,518,622.50. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Hitesh Lath sold 17,689 shares of the stock in a transaction on Friday, June 27th. The shares were sold at an average price of $24.96, for a total value of $441,517.44. Following the completion of the transaction, the chief financial officer directly owned 166,218 shares in the company, valued at $4,148,801.28. This trade represents a 9.62% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,400,434 shares of company stock valued at $34,532,605. Insiders own 33.54% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Morgan Stanley boosted their price objective on C3.ai from $20.00 to $22.00 and gave the stock an "underweight" rating in a research note on Thursday, May 29th. Westpark Capital upgraded C3.ai to a "strong-buy" rating and set a $40.00 target price for the company in a research report on Wednesday, July 9th. Piper Sandler dropped their target price on C3.ai from $28.00 to $27.00 and set a "neutral" rating for the company in a research report on Thursday, May 29th. Canaccord Genuity Group dropped their target price on C3.ai from $30.00 to $28.00 and set a "hold" rating for the company in a research report on Thursday, May 29th. Finally, UBS Group dropped their target price on C3.ai from $28.00 to $27.00 and set a "neutral" rating for the company in a research report on Thursday, June 26th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, C3.ai currently has an average rating of "Hold" and a consensus price target of $30.14.

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.