Corebridge Financial Inc. Boosts Position in C3.ai, Inc. (NYSE:AI)

Corebridge Financial Inc. grew its position in C3.ai, Inc. (NYSE:AI) by 21.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 55,003 shares of the company’s stock after purchasing an additional 9,774 shares during the period. Corebridge Financial Inc.’s holdings in C3.ai were worth $1,894,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AI. Charles Schwab Investment Management Inc. grew its stake in C3.ai by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after acquiring an additional 92,280 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of C3.ai by 45.2% in the third quarter. Cerity Partners LLC now owns 24,133 shares of the company’s stock valued at $585,000 after purchasing an additional 7,511 shares in the last quarter. FMR LLC grew its position in shares of C3.ai by 149.2% in the third quarter. FMR LLC now owns 13,994 shares of the company’s stock valued at $339,000 after purchasing an additional 8,378 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of C3.ai by 7.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,053 shares of the company’s stock worth $583,000 after purchasing an additional 1,619 shares in the last quarter. Finally, Holocene Advisors LP raised its position in shares of C3.ai by 98.4% during the 3rd quarter. Holocene Advisors LP now owns 75,780 shares of the company’s stock worth $1,836,000 after purchasing an additional 37,594 shares during the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai Stock Performance

Shares of AI stock opened at $22.03 on Thursday. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -9.97 and a beta of 2.03. C3.ai, Inc. has a one year low of $18.85 and a one year high of $45.08. The company has a 50 day moving average price of $26.88 and a 200 day moving average price of $29.35.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). The firm had revenue of $98.78 million for the quarter, compared to analysts’ expectations of $98.12 million. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. As a group, equities analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Merel Witteveen sold 1,133 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total transaction of $25,209.25. Following the completion of the sale, the vice president now directly owns 7,287 shares of the company’s stock, valued at approximately $162,135.75. This represents a 13.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas M. Siebel sold 216,974 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $21.88, for a total value of $4,747,391.12. Following the completion of the transaction, the chief executive officer now directly owns 726,177 shares in the company, valued at $15,888,752.76. This trade represents a 23.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,486,813 shares of company stock valued at $42,407,563. 33.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on AI shares. Morgan Stanley lowered their target price on C3.ai from $32.00 to $30.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. Piper Sandler decreased their price objective on C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group cut their target price on shares of C3.ai from $40.00 to $30.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. JPMorgan Chase & Co. cut shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research note on Wednesday, December 11th. Finally, JMP Securities lifted their price target on shares of C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a report on Tuesday, December 10th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $31.33.

C3.ai 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.