Comerica Bank Raises Stake in C3.ai, Inc. (NYSE:AI)

Comerica Bank lifted its stake in C3.ai, Inc. (NYSE:AI) by 305.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,203 shares of the company’s stock after purchasing an additional 906 shares during the period. Comerica Bank’s holdings in C3.ai were worth $33,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AI. Principal Financial Group Inc. lifted its holdings in shares of C3.ai by 11.7% in the 1st quarter. Principal Financial Group Inc. now owns 10,703 shares of the company’s stock worth $290,000 after buying an additional 1,119 shares during the period. New York State Common Retirement Fund raised its holdings in shares of C3.ai by 32.6% in the fourth quarter. New York State Common Retirement Fund now owns 33,135 shares of the company’s stock valued at $951,000 after acquiring an additional 8,141 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new stake in C3.ai in the fourth quarter worth about $202,000. Global Assets Advisory LLC lifted its stake in C3.ai by 2,547.8% in the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock worth $24,273,000 after acquiring an additional 862,811 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in C3.ai by 10.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 706,677 shares of the company’s stock worth $20,289,000 after acquiring an additional 66,701 shares in the last quarter. Institutional investors own 38.96% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Hitesh Lath sold 3,005 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total value of $82,817.80. Following the sale, the chief financial officer now owns 7,390 shares in the company, valued at $203,668.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 34.00% of the stock is currently owned by insiders.

C3.ai Price Performance

NYSE AI opened at $25.61 on Tuesday. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -10.94 and a beta of 1.83. The stock’s fifty day moving average price is $27.69 and its 200 day moving average price is $27.05. C3.ai, Inc. has a 1 year low of $20.23 and a 1 year high of $38.30.

C3.ai (NYSE:AI) last announced its quarterly earnings data on Wednesday, May 29th. The company reported ($0.59) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.18. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The business had revenue of $86.59 million for the quarter, compared to analyst estimates of $84.45 million. Research analysts expect that C3.ai, Inc. will post -2.35 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on AI shares. Northland Capmk upgraded shares of C3.ai from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 30th. Wedbush restated an “outperform” rating and set a $40.00 target price on shares of C3.ai in a report on Wednesday, May 29th. Northland Securities upgraded C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Thursday, May 30th. Morgan Stanley boosted their price target on C3.ai from $21.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday, May 30th. Finally, Piper Sandler dropped their price objective on C3.ai from $33.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $30.33.

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.