LPL Financial LLC Buys 28,114 Shares of C3.ai, Inc. (NYSE:AI)

Key Points

• LPL Financial LLC increased its holdings in C3.ai, Inc. by 19.3% in the first quarter, acquiring an additional 28,114 shares to own a total of 174,105 shares valued at approximately $3.67 million.
• Analysts have issued mixed ratings for C3.ai, with a consensus rating of "Hold" and a price target of $27.43, reflecting cautious sentiment towards the company's stock.
• C3.ai reported quarterly earnings with a revenue of $108.72 million and a loss of ($0.16) EPS, beating expectations but indicating challenges with profitability.

LPL Financial LLC grew its holdings in C3.ai, Inc. (NYSE:AI - Free Report) by 19.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 174,105 shares of the company's stock after acquiring an additional 28,114 shares during the quarter. LPL Financial LLC owned 0.13% of C3.ai worth $3,665,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Two Sigma Investments LP bought a new position in shares of C3.ai during the fourth quarter worth about $42,306,000. Man Group plc bought a new position in shares of C3.ai during the fourth quarter worth about $38,455,000. Northern Trust Corp grew its holdings 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. Two Sigma Advisers LP bought a new position in shares of C3.ai during the fourth quarter worth about $30,725,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of C3.ai by 3.4% during the first quarter. Bank of New York Mellon Corp now owns 719,259 shares of the company's stock worth $15,140,000 after buying an additional 23,366 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on AI. DA Davidson reiterated an "underperform" rating and set a $13.00 price objective (down from $25.00) on shares of C3.ai in a report on Monday, August 11th. KeyCorp reiterated a "mixed" 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 stock an "underweight" rating in a report on Thursday, May 29th. Northland Capmk downgraded C3.ai from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Finally, Canaccord Genuity Group reduced their price target 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. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $27.43.

C3.ai Stock Down 0.6%

AI opened at $17.86 on Friday. C3.ai, Inc. has a 12-month low of $14.70 and a 12-month high of $45.08. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -7.97 and a beta of 1.98. The business has a 50 day moving average of $24.46 and a 200-day moving average of $24.31.

C3.ai (NYSE:AI - Get Free Report) last released its quarterly earnings data 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. C3.ai had a negative return on equity of 33.51% and a negative net margin of 74.21%. The company had revenue of $108.72 million during the quarter, compared to analysts' expectations of $107.85 million. During the same period last year, the firm posted ($0.11) earnings per share. The business's revenue was up 25.5% on a year-over-year basis. As a group, analysts expect that C3.ai, Inc. will post -2.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John E. Hyten sold 10,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director directly owned 63,942 shares of the company's stock, valued at $1,518,622.50. This trade represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Thomas M. Siebel sold 577,678 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $16.78, for a total value of $9,693,436.84. Following the completion of the sale, the chief executive officer directly owned 2,973,572 shares of the company's stock, valued at approximately $49,896,538.16. The trade was a 16.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,262,793 shares of company stock valued at $53,394,317. Corporate insiders own 33.54% of the company's stock.

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.

Want to see what other hedge funds are holding AI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for C3.ai, Inc. (NYSE:AI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.