C3.ai, Inc. (NYSE:AI) Shares Sold by Baird Financial Group Inc.

Baird Financial Group Inc. reduced its stake in shares of C3.ai, Inc. (NYSE:AI) by 12.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 28,300 shares of the company’s stock after selling 4,000 shares during the period. Baird Financial Group Inc.’s holdings in C3.ai were worth $974,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AI. Renaissance Technologies LLC grew its position in C3.ai by 1,242.5% during the 4th quarter. Renaissance Technologies LLC now owns 718,231 shares of the company’s stock worth $24,729,000 after purchasing an additional 664,731 shares during the period. Vanguard Group Inc. grew its position in C3.ai by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock worth $445,385,000 after purchasing an additional 446,529 shares during the period. Geode Capital Management LLC grew its position in shares of C3.ai by 14.1% during the 4th quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock valued at $87,128,000 after acquiring an additional 313,066 shares during the period. Norges Bank acquired a new stake in shares of C3.ai during the 4th quarter valued at about $9,271,000. Finally, Northern Trust Corp grew its position in shares of C3.ai by 28.7% during the 4th quarter. Northern Trust Corp now owns 1,055,075 shares of the company’s stock valued at $36,326,000 after acquiring an additional 235,364 shares during the period. 38.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at C3.ai

In related news, CEO Thomas M. Siebel sold 27,010 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $22.27, for a total value of $601,512.70. Following the transaction, the chief executive officer now directly owns 26,115 shares in the company, valued at approximately $581,581.05. This represents a 50.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Merel Witteveen sold 1,133 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total value of $25,209.25. Following the completion of the transaction, the vice president now owns 7,287 shares in the company, valued at $162,135.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 909,555 shares of company stock worth $19,166,736. Insiders own 33.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AI shares. KeyCorp dropped their target price on C3.ai from $21.00 to $17.00 and set an “underweight” rating on the stock in a research report on Thursday, April 17th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday, February 27th. Canaccord Genuity Group dropped their target price on C3.ai from $40.00 to $30.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. DA Davidson dropped their target price on C3.ai from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Finally, Piper Sandler lowered their price objective on C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, C3.ai has a consensus rating of “Hold” and a consensus price target of $29.58.

C3.ai Price Performance

Shares of C3.ai stock opened at $23.98 on Wednesday. The stock has a market cap of $3.18 billion, a P/E ratio of -10.85 and a beta of 1.99. The stock’s 50 day simple moving average is $21.44 and its 200-day simple moving average is $28.55. C3.ai, Inc. has a 1-year low of $17.03 and a 1-year high of $45.08.

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

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.