Handelsbanken Fonder AB Buys 11,600 Shares of C3.ai, Inc. (NYSE:AI)

Handelsbanken Fonder AB lifted its stake in C3.ai, Inc. (NYSE:AI - Free Report) by 43.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,400 shares of the company's stock after acquiring an additional 11,600 shares during the period. Handelsbanken Fonder AB's holdings in C3.ai were worth $808,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Russell Investments Group Ltd. increased its position in shares of C3.ai by 100.7% during the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company's stock valued at $31,000 after purchasing an additional 456 shares during the period. WealthTrak Capital Management LLC acquired a new stake in C3.ai during the fourth quarter worth $33,000. Orion Capital Management LLC acquired a new stake in C3.ai during the fourth quarter worth $34,000. Harvest Fund Management Co. Ltd bought a new stake in C3.ai in the 4th quarter valued at $36,000. Finally, Raiffeisen Bank International AG acquired a new position in shares of C3.ai in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 38.96% of the company's stock.

Insider Activity at C3.ai

In related news, VP Merel Witteveen sold 1,133 shares of the business's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $22.25, for a total transaction of $25,209.25. Following the sale, the vice president now directly owns 7,287 shares in the company, valued at approximately $162,135.75. The trade was a 13.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas M. Siebel sold 601,498 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $25.02, for a total transaction of $15,049,479.96. Following the completion of the sale, the chief executive officer now directly owns 3,816,802 shares in the company, valued at approximately $95,496,386.04. The trade was a 13.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,732,338 shares of company stock worth $41,061,552. Company insiders own 33.54% of the company's stock.

Analysts Set New Price Targets

AI has been the subject of several recent analyst reports. Oppenheimer dropped 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. Wall Street Zen lowered C3.ai from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. Piper Sandler cut their price objective 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. JPMorgan Chase & Co. decreased their target price on C3.ai from $27.00 to $23.00 and set an "underweight" rating on the stock in a report on Thursday, May 29th. Finally, DA Davidson lowered their target price on C3.ai from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $29.46.

C3.ai Trading Up 2.9%

Shares of AI traded up $0.68 during trading hours on Monday, reaching $24.44. The stock had a trading volume of 4,741,545 shares, compared to its average volume of 5,185,515. The firm has a 50-day simple moving average of $22.75 and a 200 day simple moving average of $27.72. C3.ai, Inc. has a 12 month low of $17.03 and a 12 month high of $45.08. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of -11.06 and a beta of 2.04.

C3.ai (NYSE:AI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.04. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. The business had revenue of $108.72 million during the quarter, compared to the consensus estimate of $107.85 million. During the same period in the prior year, the firm posted ($0.11) EPS. The firm's quarterly revenue was up 25.5% compared to the same quarter last year. On average, equities analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current year.

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.