Geode Capital Management LLC Has $53.73 Million Holdings in C3.ai, Inc. (NYSE:AI)

Geode Capital Management LLC increased its position in shares of C3.ai, Inc. (NYSE:AI) by 8.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,216,925 shares of the company’s stock after buying an additional 178,870 shares during the period. Geode Capital Management LLC owned 1.75% of C3.ai worth $53,728,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its stake in shares of C3.ai by 2.1% during the 2nd quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock worth $621,000 after buying an additional 432 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of C3.ai by 3.4% in the third quarter. Victory Capital Management Inc. now owns 14,078 shares of the company’s stock valued at $341,000 after purchasing an additional 457 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of C3.ai by 4.3% during the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock worth $323,000 after purchasing an additional 462 shares during the period. Forum Financial Management LP lifted its holdings in C3.ai by 4.4% during the 2nd quarter. Forum Financial Management LP now owns 12,893 shares of the company’s stock worth $373,000 after purchasing an additional 539 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in C3.ai by 0.5% in the 2nd quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock valued at $3,630,000 after purchasing an additional 572 shares during the period. 38.96% of the stock is owned by institutional investors.

C3.ai Trading Up 2.5 %

Shares of NYSE AI opened at $36.34 on Monday. The stock has a 50-day moving average price of $31.78 and a two-hundred day moving average price of $28.05. C3.ai, Inc. has a 12 month low of $18.85 and a 12 month high of $45.08. The company has a market cap of $4.69 billion, a price-to-earnings ratio of -16.44 and a beta of 2.00.

Insider Buying and Selling

In other news, CFO Hitesh Lath sold 3,949 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $42.36, for a total value of $167,279.64. Following the completion of the transaction, the chief financial officer now owns 851 shares of the company’s stock, valued at $36,048.36. This represents a 82.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of C3.ai stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the sale, the director now owns 546,495 shares in the company, valued at approximately $22,952,790. This represents a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 644,988 shares of company stock worth $27,597,453 in the last three months. 33.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on AI shares. KeyCorp cut C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective on the stock. in a research report on Thursday. Piper Sandler Companies reiterated a “neutral” rating and issued a $24.00 price objective on shares of C3.ai in a research note on Thursday, September 5th. Oppenheimer restated an “outperform” rating and set a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Bank of America dropped their price target on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Finally, Northland Securities increased their price target on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Five research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.00.

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.