C3.ai (NYSE:AI) Trading Up 6.9% – Still a Buy?

C3.ai, Inc. (NYSE:AI)’s share price shot up 6.9% during mid-day trading on Monday . The stock traded as high as $35.79 and last traded at $35.77. 3,482,829 shares traded hands during trading, a decline of 23% from the average session volume of 4,549,533 shares. The stock had previously closed at $33.48.

Analysts Set New Price Targets

Several equities analysts have commented on AI shares. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a report on Tuesday, December 10th. Morgan Stanley increased their price objective on shares of C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a research note on Tuesday, December 10th. StockNews.com raised C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Piper Sandler boosted their price target on C3.ai from $24.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. downgraded 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 report on Wednesday, December 11th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, C3.ai has an average rating of “Hold” and a consensus price target of $35.00.

C3.ai Stock Up 1.7 %

The business has a fifty day moving average of $35.11 and a 200 day moving average of $29.25. The company has a market cap of $4.20 billion, a P/E ratio of -14.71 and a beta of 1.98.

Insider Buying and Selling

In related news, CFO Hitesh Lath sold 3,949 shares of C3.ai stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $42.36, for a total value of $167,279.64. Following the completion of the transaction, the chief financial officer now owns 851 shares in the company, valued at approximately $36,048.36. This trade represents a 82.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of C3.ai stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the transaction, the director now directly owns 546,495 shares of the company’s stock, valued at $22,952,790. The trade was a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,090,552 shares of company stock valued at $41,475,697 over the last 90 days. Company insiders own 33.54% of the company’s stock.

Institutional Investors Weigh In On C3.ai

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in C3.ai by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock valued at $445,385,000 after acquiring an additional 446,529 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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 purchasing an additional 313,066 shares during the last quarter. State Street Corp boosted its position in shares of C3.ai by 1.8% in the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after purchasing an additional 38,185 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of C3.ai by 10.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 933,139 shares of the company’s stock worth $32,128,000 after acquiring an additional 88,750 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of C3.ai by 1.3% in the fourth quarter. Bank of New York Mellon Corp now owns 695,893 shares of the company’s stock worth $23,960,000 after buying an additional 8,772 shares during the last quarter. Institutional investors own 38.96% of the company’s stock.

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.