C3.ai, Inc. (NYSE:AI) VP Merel Witteveen Sells 1,710 Shares

C3.ai, Inc. (NYSE:AI) VP Merel Witteveen sold 1,710 shares of the firm’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $26.23, for a total value of $44,853.30. Following the completion of the transaction, the vice president now directly owns 9,225 shares in the company, valued at $241,971.75. This trade represents a 15.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Merel Witteveen also recently made the following trade(s):

• On Thursday, May 29th, Merel Witteveen sold 4,951 shares of C3.ai stock. The shares were sold at an average price of $27.63, for a total value of $136,796.13.
• On Tuesday, May 27th, Merel Witteveen sold 805 shares of C3.ai stock. The shares were sold at an average price of $23.56, for a total value of $18,965.80.
• On Monday, May 19th, Merel Witteveen sold 5,719 shares of C3.ai stock. The shares were sold at an average price of $23.32, for a total value of $133,367.08.
• On Wednesday, March 19th, Merel Witteveen sold 1,133 shares of C3.ai stock. The shares were sold at an average price of $22.25, for a total value of $25,209.25.

C3.ai Stock Performance

NYSE:AI opened at $24.64 on Thursday. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of -11.15 and a beta of 2.04. C3.ai, Inc. has a one year low of $17.03 and a one year high of $45.08. The stock has a 50-day simple moving average of $22.53 and a 200 day simple moving average of $28.02.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, May 28th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.04. The business had revenue of $108.72 million during the quarter, compared to the consensus estimate of $107.85 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. The company’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.11) earnings per share. On average, equities research analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Hedge Funds Weigh In On C3.ai

A number of hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. grew its stake in C3.ai by 100.7% in the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock worth $31,000 after purchasing an additional 456 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in C3.ai by 8.4% in the first quarter. PNC Financial Services Group Inc. now owns 6,546 shares of the company’s stock valued at $138,000 after acquiring an additional 510 shares during the period. Legal & General Group Plc boosted its stake in C3.ai by 0.4% in the fourth quarter. Legal & General Group Plc now owns 119,144 shares of the company’s stock valued at $4,102,000 after acquiring an additional 517 shares during the period. Corient Private Wealth LLC boosted its stake in C3.ai by 2.4% in the fourth quarter. Corient Private Wealth LLC now owns 23,371 shares of the company’s stock valued at $805,000 after acquiring an additional 555 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its stake in C3.ai by 35.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,128 shares of the company’s stock valued at $71,000 after acquiring an additional 560 shares during the period. 38.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AI shares. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Thursday, May 29th. Morgan Stanley lifted their target price on C3.ai from $20.00 to $22.00 and gave the stock an “underweight” rating in a research report on Thursday, May 29th. Canaccord Genuity Group dropped their target price on C3.ai from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Thursday, May 29th. Piper Sandler dropped their target price on C3.ai from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, May 29th. Finally, UBS Group reaffirmed a “neutral” rating and set a $28.00 target price (up from $26.00) on shares of C3.ai in a research report on Thursday, May 29th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target 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.