Sumitomo Mitsui Trust Group Inc. Buys 1,016,384 Shares of Tempus AI, Inc. (NASDAQ:TEM)

Sumitomo Mitsui Trust Group Inc. lifted its stake in Tempus AI, Inc. (NASDAQ:TEM - Free Report) by 31.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,255,477 shares of the company's stock after purchasing an additional 1,016,384 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 2.47% of Tempus AI worth $205,284,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TEM. IFP Advisors Inc purchased a new stake in Tempus AI in the fourth quarter worth about $76,000. Bank of New York Mellon Corp purchased a new stake in Tempus AI in the fourth quarter worth about $1,615,000. US Bancorp DE purchased a new stake in Tempus AI in the fourth quarter worth about $80,000. SBI Securities Co. Ltd. purchased a new stake in Tempus AI in the fourth quarter worth about $673,000. Finally, Victory Capital Management Inc. purchased a new stake in Tempus AI in the fourth quarter worth about $216,000. 24.22% of the stock is currently owned by institutional investors.

Insider Activity at Tempus AI

In related news, CAO Ryan M. Bartolucci sold 6,073 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $63.23, for a total value of $383,995.79. Following the completion of the transaction, the chief accounting officer now directly owns 47,799 shares of the company's stock, valued at $3,022,330.77. This trade represents a 11.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Wayne A.I. Frederick sold 3,000 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $45.54, for a total transaction of $136,620.00. Following the completion of the transaction, the director now owns 26,514 shares in the company, valued at approximately $1,207,447.56. This trade represents a 10.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 609,897 shares of company stock valued at $41,397,783 in the last three months. 27.60% of the stock is owned by insiders.

Tempus AI Stock Performance

Shares of Tempus AI stock opened at $66.52 on Friday. The firm has a market capitalization of $11.52 billion and a P/E ratio of -8.53. The company has a quick ratio of 1.56, a current ratio of 1.71 and a debt-to-equity ratio of 2.45. The company has a 50 day moving average price of $61.26 and a 200 day moving average price of $53.37. Tempus AI, Inc. has a 52 week low of $30.77 and a 52 week high of $91.45.

Tempus AI (NASDAQ:TEM - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.03. The firm had revenue of $255.74 million during the quarter, compared to analyst estimates of $248.13 million. Tempus AI had a negative net margin of 88.27% and a negative return on equity of 533.21%. Tempus AI's revenue was up 75.4% compared to the same quarter last year. Sell-side analysts expect that Tempus AI, Inc. will post -6.15 EPS for the current year.

Wall Street Analysts Forecast Growth

TEM has been the subject of a number of research reports. Bank of America upped their price objective on shares of Tempus AI from $68.00 to $70.00 and gave the stock a "neutral" rating in a research note on Wednesday. Piper Sandler upped their price objective on shares of Tempus AI from $55.00 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. BTIG Research began coverage on shares of Tempus AI in a research note on Monday, April 21st. They issued a "buy" rating and a $60.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and issued a $70.00 target price on shares of Tempus AI in a report on Wednesday, May 7th. Finally, Morgan Stanley boosted their target price on shares of Tempus AI from $60.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.58.

Tempus AI Profile

Tempus AI Inc is a technology company advancing precision medicine through the practical application of artificial intelligence principally in healthcare. The company provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics.

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