Wellington Management Group LLP Acquires New Holdings in C3.ai, Inc. (NYSE:AI)

Wellington Management Group LLP bought a new position in shares of C3.ai, Inc. (NYSE:AI - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 124,499 shares of the company's stock, valued at approximately $4,287,000. Wellington Management Group LLP owned 0.09% of C3.ai as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of C3.ai by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company's stock worth $445,385,000 after purchasing an additional 446,529 shares during the period. Geode Capital Management LLC grew its holdings 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 last quarter. Two Sigma Investments LP acquired a new stake in C3.ai in the 4th quarter valued at approximately $42,306,000. Man Group plc bought a new position in C3.ai in the 4th quarter worth approximately $38,455,000. Finally, Northern Trust Corp lifted 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 during the last quarter. Institutional investors and hedge funds own 38.96% of the company's stock.

C3.ai Stock Up 2.3%

AI stock traded up $0.59 during trading on Friday, hitting $25.93. The company had a trading volume of 6,017,470 shares, compared to its average volume of 5,200,372. The firm has a 50-day moving average price of $22.23 and a 200-day moving average price of $28.14. C3.ai, Inc. has a 12 month low of $17.03 and a 12 month high of $45.08. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of -11.73 and a beta of 2.04.

C3.ai (NYSE:AI - Get Free Report) last released its earnings results on Wednesday, May 28th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.04. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. 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 earned ($0.11) EPS. The business's revenue for the quarter was up 25.5% on a year-over-year basis. Equities analysts expect that C3.ai, Inc. will post -2.44 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Thomas M. Siebel sold 216,974 shares of C3.ai stock in a transaction on Monday, March 17th. The stock was sold at an average price of $21.88, for a total transaction of $4,747,391.12. Following the completion of the sale, the chief executive officer now directly owns 726,177 shares of the company's stock, valued at $15,888,752.76. The trade was a 23.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Merel Witteveen sold 1,133 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total value of $25,209.25. Following the completion of the sale, the vice president now owns 7,287 shares of the company's stock, valued at $162,135.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,640,220 shares of company stock valued at $37,038,104. 33.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

AI has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of C3.ai from $27.00 to $23.00 and set an "underweight" rating on the stock in a research note on Thursday, May 29th. Oppenheimer reduced their price target on shares of C3.ai from $56.00 to $45.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. UBS Group restated a "neutral" rating and set a $28.00 price target (up from $26.00) on shares of C3.ai in a research note on Thursday, May 29th. Wall Street Zen downgraded C3.ai from a "hold" rating to a "sell" rating in a research report on Friday. Finally, Morgan Stanley lifted 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. 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's stock. According to data from MarketBeat, C3.ai has an average rating of "Hold" and an average target price of $29.46.

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.