262,672 Shares in C3.ai, Inc. $AI Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired 262,672 shares of C3.ai, Inc. for approximately $5.5 million, marking its first investment in the company during Q1.
• C3.ai's stock has recently traded down to $16.91, with analysts expressing mixed ratings, resulting in an average target price of $27.43.
• Insider transactions include CEO Thomas Siebel selling over 600,000 shares, which reduced his ownership by 13.61%, highlighting ongoing insider sales totaling over $53 million in the last 90 days.

Nuveen LLC purchased a new stake in C3.ai, Inc. (NYSE:AI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 262,672 shares of the company's stock, valued at approximately $5,529,000. Nuveen LLC owned approximately 0.20% of C3.ai at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in C3.ai by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 13,407,490 shares of the company's stock valued at $282,228,000 after buying an additional 471,521 shares in the last quarter. Two Sigma Investments LP acquired a new stake in C3.ai in the 4th quarter valued at $42,306,000. Man Group plc acquired a new stake in C3.ai during the 4th quarter valued at $38,455,000. Northern Trust Corp increased its holdings in C3.ai by 28.7% during the 4th quarter. Northern Trust Corp now owns 1,055,075 shares of the company's stock valued at $36,326,000 after purchasing an additional 235,364 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in C3.ai during the 4th quarter valued at $30,725,000. Institutional investors and hedge funds own 38.96% of the company's stock.

Wall Street Analysts Forecast Growth

AI has been the subject of a number of recent analyst reports. Canaccord Genuity Group dropped their price target on C3.ai from $30.00 to $28.00 and set a "hold" rating for the company in a report on Thursday, May 29th. DA Davidson reaffirmed an "underperform" rating and set a $13.00 price target (down from $25.00) on shares of C3.ai in a report on Monday, August 11th. JMP Securities reaffirmed a "market outperform" rating and set a $50.00 price target on shares of C3.ai in a report on Friday, July 25th. Oppenheimer reaffirmed a "market perform" rating on shares of C3.ai in a report on Tuesday, August 12th. Finally, Wall Street Zen cut C3.ai from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eight have assigned a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, C3.ai has a consensus rating of "Reduce" and an average target price of $27.43.

C3.ai Stock Down 2.4%

Shares of AI traded down $0.42 during trading hours on Friday, reaching $16.89. The stock had a trading volume of 6,670,038 shares, compared to its average volume of 10,930,614. C3.ai, Inc. has a 52 week low of $14.70 and a 52 week high of $45.08. The firm has a 50-day moving average of $23.02 and a 200 day moving average of $23.24. The company has a market cap of $2.27 billion, a P/E ratio of -7.54 and a beta of 1.98.

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

Insider Activity at C3.ai

In other C3.ai news, Director John E. Hyten sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $23.75, for a total transaction of $237,500.00. Following the sale, the director directly owned 63,942 shares in the company, valued at approximately $1,518,622.50. This trade represents a 13.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Hitesh Lath sold 17,689 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $24.96, for a total transaction of $441,517.44. Following the sale, the chief financial officer owned 166,218 shares in the company, valued at $4,148,801.28. This trade represents a 9.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,168,568 shares of company stock valued at $50,846,936. Corporate insiders own 26.50% of the company's stock.

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.