IMG Wealth Management Inc. Invests $78,000 in C3.ai, Inc. (NYSE:AI)

IMG Wealth Management Inc. acquired a new position in C3.ai, Inc. (NYSE:AI) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,261 shares of the company’s stock, valued at approximately $78,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of C3.ai by 8.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after purchasing an additional 178,870 shares in the last quarter. State Street Corp boosted its holdings in C3.ai by 1.8% during the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after acquiring an additional 38,185 shares during the period. Charles Schwab Investment Management Inc. grew its position in C3.ai by 10.5% during the 4th 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. Bank of New York Mellon Corp grew its position in C3.ai by 1.3% during the 4th quarter. Bank of New York Mellon Corp now owns 695,893 shares of the company’s stock worth $23,960,000 after acquiring an additional 8,772 shares during the last quarter. Finally, Swiss National Bank grew its position in C3.ai by 2.6% during the 4th quarter. Swiss National Bank now owns 218,700 shares of the company’s stock worth $7,530,000 after acquiring an additional 5,500 shares during the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on AI. DA Davidson reduced their price target on C3.ai from $40.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday, February 27th. JMP Securities lifted their price objective on C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Tuesday, December 10th. KeyCorp cut their price objective on C3.ai from $29.00 to $21.00 and set an “underweight” rating on the stock in a research report on Thursday, February 27th. Finally, Northland Securities lifted their price objective on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, C3.ai has an average rating of “Hold” and a consensus price target of $31.33.

Insider Buying and Selling at C3.ai

In other C3.ai news, CEO Thomas M. Siebel sold 409,831 shares of C3.ai stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $30.97, for a total value of $12,692,466.07. Following the completion of the sale, the chief executive officer now owns 1,756,390 shares of the company’s stock, valued at approximately $54,395,398.30. This trade represents a 18.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard C. Levin sold 12,000 shares of C3.ai stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $29.84, for a total value of $358,080.00. Following the completion of the sale, the director now directly owns 161,664 shares of the company’s stock, valued at approximately $4,824,053.76. The trade was a 6.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,501,972 shares of company stock worth $53,818,532. 33.54% of the stock is owned by insiders.

C3.ai Stock Up 3.1 %

AI opened at $21.57 on Monday. The stock has a market cap of $2.86 billion, a PE ratio of -9.76 and a beta of 2.03. The business has a 50 day moving average of $29.62 and a 200-day moving average of $29.40. C3.ai, Inc. has a 52 week low of $18.85 and a 52 week high of $45.08.

C3.ai (NYSE:AI) last announced its quarterly earnings data 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 company 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%. Equities analysts anticipate that C3.ai, Inc. will post -2.44 EPS for the current year.

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.