Commerce Bank Sells 1,565 Shares of C3.ai, Inc. (NYSE:AI)

Commerce Bank trimmed its position in shares of C3.ai, Inc. (NYSE:AI) by 5.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,077 shares of the company’s stock after selling 1,565 shares during the period. Commerce Bank’s holdings in C3.ai were worth $591,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Zweig DiMenna Associates LLC bought a new position in C3.ai during the 1st quarter valued at about $274,000. Susquehanna Fundamental Investments LLC bought a new position in C3.ai in the 4th quarter worth about $3,159,000. GAMMA Investing LLC grew its stake in C3.ai by 4,846.5% in the 1st quarter. GAMMA Investing LLC now owns 12,020 shares of the company’s stock worth $253,000 after acquiring an additional 11,777 shares in the last quarter. Geode Capital Management LLC grew its stake 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 worth $87,128,000 after acquiring an additional 313,066 shares in the last quarter. Finally, Banque Cantonale Vaudoise bought a new position in C3.ai in the 1st quarter worth about $390,000. 38.96% of the stock is currently owned by institutional investors.

C3.ai Stock Down 0.2%

NYSE:AI opened at $23.24 on Thursday. C3.ai, Inc. has a 52 week low of $17.03 and a 52 week high of $45.08. The firm has a 50 day moving average of $25.45 and a 200 day moving average of $24.99. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of -10.37 and a beta of 1.98.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, May 28th. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.04. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. The company had revenue of $108.72 million during the quarter, compared to analysts’ expectations of $107.85 million. During the same quarter in the prior year, the company posted ($0.11) earnings per share. C3.ai’s revenue for the quarter was up 25.5% compared to the same quarter last year. As a group, analysts expect that C3.ai, Inc. will post -2.44 EPS for the current year.

Insider Activity at C3.ai

In related news, CEO Thomas M. Siebel sold 336,000 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $22.77, for a total transaction of $7,650,720.00. Following the completion of the sale, the chief executive officer owned 323,916 shares of the company’s stock, valued at $7,375,567.32. This represents a 50.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard C. Levin sold 6,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $26.31, for a total transaction of $157,860.00. Following the sale, the director directly owned 161,664 shares of the company’s stock, valued at $4,253,379.84. The trade was a 3.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,298,892 shares of company stock valued at $58,428,808 over the last three months. Company insiders own 33.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their target price 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. Westpark Capital upgraded shares of C3.ai to a “strong-buy” rating and set a $40.00 target price on the stock in a research note on Wednesday, July 9th. Piper Sandler dropped their target price on shares of C3.ai from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 29th. Morgan Stanley upped their target price on shares of C3.ai from $20.00 to $22.00 and gave the stock an “underweight” rating in a research note on Thursday, May 29th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 price target on shares of C3.ai in a research report on Friday, July 25th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $29.79.

C3.ai Company 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.