100,462 Shares in C3.ai, Inc. (NYSE:AI) Acquired by Element Capital Management LLC

Element Capital Management LLC acquired a new stake in C3.ai, Inc. (NYSE:AI) in the 2nd quarter, Holdings Channel reports. The fund acquired 100,462 shares of the company’s stock, valued at approximately $6,282,000. C3.ai accounts for about 1.0% of Element Capital Management LLC’s portfolio, making the stock its 28th largest holding.

A number of other hedge funds have also recently modified their holdings of AI. Spring Creek Capital LLC purchased a new stake in shares of C3.ai in the 1st quarter valued at $156,929,000. Allianz Asset Management GmbH boosted its holdings in C3.ai by 2,505.9% in the 1st quarter. Allianz Asset Management GmbH now owns 1,072,388 shares of the company’s stock worth $70,681,000 after buying an additional 1,031,235 shares during the last quarter. Morgan Stanley boosted its stake in shares of C3.ai by 349.8% in the first quarter. Morgan Stanley now owns 1,196,102 shares of the company’s stock worth $78,835,000 after acquiring an additional 930,171 shares during the last quarter. Coatue Management LLC acquired a new stake in C3.ai in the 1st quarter valued at about $58,829,000. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of C3.ai in the second quarter valued at approximately $38,312,000. Institutional investors own 40.45% of the company’s stock.

A number of equities research analysts have weighed in on the stock. JMP Securities dropped their price target on shares of C3.ai from $167.00 to $96.00 and set a “market outperform” rating for the company in a research report on Thursday, September 2nd. Needham & Company LLC cut their target price on shares of C3.ai from $146.00 to $122.00 and set a “buy” rating on the stock in a research note on Thursday, September 2nd. Deutsche Bank Aktiengesellschaft decreased their price target on C3.ai from $63.00 to $50.00 and set a “hold” rating for the company in a report on Friday, September 3rd. Piper Sandler cut their price target on shares of C3.ai from $98.00 to $78.00 and set an “overweight” rating on the stock in a research note on Thursday, September 2nd. Finally, Morgan Stanley cut their target price on shares of C3.ai from $62.00 to $45.00 and set an “underweight” rating on the stock in a report on Thursday, September 2nd. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, C3.ai currently has an average rating of “Hold” and a consensus price target of $87.78.

In other C3.ai news, insider Houman Behzadi sold 70,000 shares of the firm’s stock in a transaction on Friday, July 9th. The shares were sold at an average price of $58.36, for a total transaction of $4,085,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Siebel Living Trust U/A/D 7/27 sold 239,453 shares of the company’s stock in a transaction that occurred on Tuesday, July 13th. The shares were sold at an average price of $55.87, for a total value of $13,378,239.11. Following the sale, the insider now owns 6,426,477 shares in the company, valued at approximately $359,047,269.99. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,892,643 shares of company stock worth $96,043,188. 52.65% of the stock is currently owned by corporate insiders.

Shares of NYSE AI traded up $0.48 on Tuesday, reaching $47.54. 10,321 shares of the company traded hands, compared to its average volume of 3,580,558. The stock has a market capitalization of $4.92 billion and a PE ratio of -52.29. C3.ai, Inc. has a fifty-two week low of $44.35 and a fifty-two week high of $183.90. The company has a 50 day moving average of $50.14 and a 200 day moving average of $59.78.

C3.ai (NYSE:AI) last announced its quarterly earnings results on Tuesday, August 31st. The company reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.28) by ($0.09). The business had revenue of $52.41 million for the quarter, compared to the consensus estimate of $51.27 million. The company’s revenue for the quarter was up 29.5% on a year-over-year basis. As a group, analysts anticipate that C3.ai, Inc. will post -1.53 earnings per share for the current year.

C3.ai Profile

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software-as-a-service applications for enterprises. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; and C3 AI Applications, which include industry-specific and application-specific turnkey AI solutions.

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Institutional Ownership by Quarter for C3.ai (NYSE:AI)

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