Prudential Financial Inc. Purchases Shares of 78,990 C3.ai, Inc. (NYSE:AI)
Prudential Financial Inc. disclosed acquiring a stake in C3.ai, Inc. during the fourth quarter. The fund purchased 78,990 shares of the company's stock, worth about $2,720,000. This acquisition represented 0.06% ownership of C3.ai by Prudential Financial Inc. The transaction was revealed in the company's recent disclosure to the SEC.
Prudential Financial Inc. Stake in C3.ai
Prudential Financial Inc. acquired a new stake in C3.ai, Inc. (NYSE:AI) in the fourth quarter, according to the company's most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 78,990 shares of the company's stock, valued at approximately $2,720,000. Prudential Financial Inc. owned 0.06% of C3.ai as of its most recent SEC filing. Other institutional investors have also recently added to or reduced their stakes in the company. Corebridge Financial Inc. increased its position in C3.ai by 21.6% during the fourth quarter, now owning 55,003 shares of the company's stock worth $1,894,000 after purchasing an additional 9,774 shares during the last quarter. Vanguard Group Inc. raised its position in shares of C3.ai by 3.6% in the 4th quarter, now owning 12,935,969 shares of the company's stock worth $445,385,000 after buying an additional 446,529 shares during the period. KLP Kapitalforvaltning AS acquired a new position in C3.ai in the fourth quarter valued at $788,000. Sei Investments Co. and Virtu Financial LLC also acquired new stakes in C3.ai during the fourth quarter.
Analyst Upgrades and Downgrades
AI has been the topic of several research analyst reports. JMP Securities lifted their price objective on C3.ai from $40.00 to $55.00 and gave the company a "market outperform" rating. Piper Sandler reduced their price target on shares of C3.ai from $42.00 to $28.00 and set a "neutral" rating. Needham & Company LLC reissued a "hold" rating. JPMorgan Chase & Co. lowered shares of C3.ai from a "neutral" rating to an "underweight" rating. Northland Securities increased their price target on C3.ai from $35.00 to $45.00 and gave the company an "outperform" rating. The stock presently has a consensus rating of "Hold" and a consensus price target of $31.33 according to data from MarketBeat.com.
Insider Activity
In other news, Director Richard C. Levin and CEO Thomas M. Siebel sold shares of C3.ai. Levin sold 12,000 shares at an average price of $29.84, while Siebel sold 409,831 shares at an average price of $30.97. In the last 90 days, insiders have sold 1,486,813 shares of company stock worth $42,407,563. 33.54% of the stock is currently owned by corporate insiders.
C3.ai Stock Down 7.9%
Shares of NYSE AI opened at $20.25 on Friday. The business has a 50-day moving average price of $26.60 and a 200-day moving average price of $29.29. C3.ai, Inc. has a 52-week low of $18.85 and a 52-week high of $45.08. The firm has a market cap of $2.69 billion, a PE ratio of -9.16, and a beta of 2.03. C3.ai last issued its quarterly earnings results on Wednesday, February 26th, reporting ($0.62) earnings per share for the quarter.
About C3.ai
C3.ai, Inc. operates as an enterprise artificial intelligence (AI) software company globally. The company provides various AI solutions including the C3 AI platform, C3 AI Ex Machina, C3 AI CRM, and C3 Generative AI Product Suite.