Salem Investment Counselors Inc. Cuts Stake in C3.ai, Inc. (NYSE:AI)

Salem Investment Counselors Inc. reduced its holdings in shares of C3.ai, Inc. (NYSE:AI) by 48.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,383 shares of the company’s stock after selling 12,700 shares during the period. Salem Investment Counselors Inc.’s holdings in C3.ai were worth $461,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. JTC Employer Solutions Trustee Ltd bought a new position in shares of C3.ai during the 3rd quarter valued at $25,000. Northwestern Mutual Wealth Management Co. lifted its holdings in C3.ai by 311.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock worth $30,000 after buying an additional 795 shares during the period. Quest Partners LLC increased its stake in shares of C3.ai by 9,033.3% during the third quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock valued at $40,000 after buying an additional 1,626 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of C3.ai during the second quarter valued at approximately $41,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in C3.ai in the third quarter worth $48,000. 38.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on AI. Piper Sandler upped their price objective on shares of C3.ai from $24.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. DA Davidson raised C3.ai to a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Tuesday, December 10th. JPMorgan Chase & Co. lowered 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. Finally, StockNews.com upgraded C3.ai to a “sell” rating in a report on Tuesday, November 26th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.00.

C3.ai Stock Down 4.1 %

Shares of NYSE AI opened at $31.08 on Tuesday. The firm’s 50-day moving average price is $34.74 and its 200-day moving average price is $28.70. C3.ai, Inc. has a 52-week low of $18.85 and a 52-week high of $45.08. The company has a market cap of $4.01 billion, a PE ratio of -14.06 and a beta of 2.00.

Insiders Place Their Bets

In related news, Director Richard C. Levin sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $34.80, for a total transaction of $417,600.00. Following the completion of the sale, the director now directly owns 161,664 shares in the company, valued at approximately $5,625,907.20. The trade was a 6.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jim H. Snabe sold 499,700 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the sale, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $430,500. This represents a 98.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 668,721 shares of company stock valued at $28,425,151. Company insiders own 33.54% of the company’s stock.

C3.ai Company 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.