Cerro Pacific Wealth Advisors LLC Takes Position in C3.ai, Inc. (NYSE:AI)

Cerro Pacific Wealth Advisors LLC purchased a new position in C3.ai, Inc. (NYSE:AI - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,175 shares of the company's stock, valued at approximately $214,000.

Several other institutional investors have also added to or reduced their stakes in AI. Vanguard Group Inc. lifted its position in C3.ai by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company's stock worth $445,385,000 after buying an additional 446,529 shares in the last quarter. Geode Capital Management LLC boosted its position in C3.ai by 14.1% in the 4th quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company's stock valued at $87,128,000 after buying an additional 313,066 shares during the period. Two Sigma Investments LP acquired a new stake in shares of C3.ai in the fourth quarter valued at $42,306,000. Man Group plc acquired a new position in C3.ai during the 4th quarter worth $38,455,000. Finally, Northern Trust Corp grew its position in shares of C3.ai by 28.7% during the fourth quarter. Northern Trust Corp now owns 1,055,075 shares of the company's stock worth $36,326,000 after buying an additional 235,364 shares in the last quarter. Institutional investors and hedge funds own 38.96% of the company's stock.

C3.ai Stock Down 0.9%

Shares of C3.ai stock traded down $0.23 during trading on Thursday, reaching $26.03. The company's stock had a trading volume of 2,743,787 shares, compared to its average volume of 5,196,629. The business has a 50 day moving average price of $22.06 and a 200-day moving average price of $28.27. The company has a market capitalization of $3.46 billion, a P/E ratio of -11.78 and a beta of 1.99. C3.ai, Inc. has a 12-month low of $17.03 and a 12-month high of $45.08.

C3.ai (NYSE:AI - Get Free Report) last announced its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) 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 analyst estimates of $107.85 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. C3.ai's quarterly revenue was up 25.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.11) EPS. Research analysts predict that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Insider Transactions at C3.ai

In other C3.ai news, Director Richard C. Levin sold 6,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $26.31, for a total value of $157,860.00. Following the transaction, the director now owns 161,664 shares of the company's stock, valued at approximately $4,253,379.84. This represents a 3.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Hitesh Lath sold 4,368 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $29.45, for a total transaction of $128,637.60. Following the completion of the transaction, the chief financial officer now owns 250 shares of the company's stock, valued at approximately $7,362.50. The trade was a 94.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,640,220 shares of company stock valued at $37,038,104. 33.54% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

AI has been the topic of several recent analyst reports. Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a report on Thursday, May 29th. Morgan Stanley increased their price objective on C3.ai from $20.00 to $22.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Oppenheimer decreased their target price 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. Piper Sandler dropped their price target on shares of C3.ai from $28.00 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, May 29th. Finally, KeyCorp reaffirmed a "mixed" rating on shares of C3.ai in a research report on Thursday, May 29th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, C3.ai presently has an average rating of "Hold" and a consensus price target of $29.46.

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.