Jim Snabe, a director at C3.ai, Inc. (NYSE:AI), recently sold a significant portion of his holdings in the company. The artificial intelligence software provider, currently valued at $4.5 billion, has seen its stock demonstrate significant volatility according to InvestingPro data. On December 17, Snabe sold 499,700 shares of C3.ai's Class A common stock at an average price of $43.05 per share, totaling approximately $21.5 million. This sale leaves him with 10,000 shares directly owned. The timing is notable as the stock has shown strong momentum, with a 23% gain over the past six months, though InvestingPro analysis suggests the stock is currently fairly valued.
In addition to the stock sale, Snabe exercised stock options to acquire shares at various prices. The transactions included the acquisition of 41,667 shares at $3.90 per share, 433,335 shares at $11.16 per share, 20,140 shares at $13.49 per share, and 4,558 shares at $24.11 per share. The total value of these acquisitions was approximately $5.38 million.
The transactions were part of Snabe's obligations related to his emigration from Denmark, as noted in the filing. These actions reflect a significant shift in Snabe's investment in C3.ai, a company known for its artificial intelligence software solutions.
In other recent news, C3.ai has seen several significant developments. KeyBanc Capital Markets downgraded C3.ai stock from Sector Weight to Underweight due to concerns over the company's valuation and growth prospects. The firm also highlighted potential risks associated with C3.ai's partnerships, particularly the Baker Hughes (NASDAQ:BKR) agreement and the Microsoft (NASDAQ:MSFT) partnership.
On a positive note, C3.ai has expanded its partnership with Collins Aerospace, aiming to develop AI-driven solutions for the defense and intelligence sectors. This move is expected to enhance operational efficiency and decision-making within national security.
In the financial sector, Canaccord Genuity increased the price target for C3.ai shares while maintaining a Hold rating, acknowledging the company's seven consecutive quarters of accelerating growth. However, the firm also expressed concerns about profitability, noting lowered profit guidance for FY25.
In contrast, JPMorgan downgraded C3.ai from Neutral to Underweight, citing concerns over uneven performance and high growth costs. The firm also pointed out potential risks with the company's key relationship with Baker Hughes expiring in April 2025.
Lastly, C3.ai has entered into a partnership with IT systems integrator ECS to enhance the U.S. Army's intelligence processes, aiming to modernize the Army Intelligence's information collection management processes. These are the recent developments in C3.ai's operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.