Wells Fargo & Company MN Has $5.75 Million Stake in C3.ai, Inc. (NYSE:AI)

Wells Fargo & Company MN reduced its stake in C3.ai, Inc. (NYSE:AI - Free Report) by 32.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 167,100 shares of the company's stock after selling 78,645 shares during the period. Wells Fargo & Company MN owned 0.13% of C3.ai worth $5,753,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Brown Lisle Cummings Inc. grew its stake in shares of C3.ai by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company's stock worth $28,000 after purchasing an additional 400 shares during the last quarter. R Squared Ltd acquired a new position in C3.ai in the fourth quarter worth approximately $29,000. WealthTrak Capital Management LLC bought a new position in shares of C3.ai in the fourth quarter valued at $33,000. CENTRAL TRUST Co bought a new position in shares of C3.ai in the fourth quarter valued at $34,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of C3.ai during the 4th quarter valued at $36,000. 38.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Merel Witteveen sold 1,133 shares of C3.ai stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total value of $25,209.25. Following the transaction, the vice president now owns 7,287 shares of the company's stock, valued at $162,135.75. This trade represents a 13.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas M. Siebel sold 13,567 shares of the company's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $19.47, for a total transaction of $264,149.49. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,446,967 shares of company stock worth $37,175,326. Corporate insiders own 33.54% of the company's stock.

C3.ai Trading Up 5.3 %

AI stock traded up $1.06 during mid-day trading on Wednesday, hitting $20.92. The stock had a trading volume of 1,197,838 shares, compared to its average volume of 4,511,538. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of -9.47 and a beta of 2.01. C3.ai, Inc. has a 1-year low of $17.03 and a 1-year high of $45.08. The company has a fifty day moving average of $22.68 and a 200 day moving average of $28.88.

C3.ai (NYSE:AI - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.37). The business had revenue of $98.78 million for the quarter, compared to the consensus estimate of $98.12 million. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. As a group, sell-side analysts expect that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on AI shares. KeyCorp cut their target price on C3.ai from $21.00 to $17.00 and set an "underweight" rating on the stock in a research report on Thursday, April 17th. DA Davidson decreased their target price on shares of C3.ai from $25.00 to $18.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Piper Sandler dropped their target price on shares of C3.ai from $42.00 to $28.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a research report on Thursday, February 27th. Finally, Canaccord Genuity Group reduced their target price on C3.ai from $40.00 to $30.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $29.58.

C3.ai 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.