C3.ai, Inc. (NYSE:AI) Chief Financial Officer Lath Hitesh recently executed a series of transactions involving the company's Class A Common Stock, according to a recent SEC filing. The timing is notable as the stock trades near its 52-week high of $45.08, with InvestingPro data showing significant momentum with a 49% gain over the past six months. On December 17, Hitesh sold 3,949 shares at an average price of $42.36 per share, amounting to a total of $167,279. This sale was conducted under a Rule 10b5-1 trading plan, which was established earlier this year on March 27.
In addition to the sale, Hitesh also engaged in other transactions on December 15. These included the acquisition of 8,007 shares through the conversion of Restricted Stock Units (RSUs) and the disposition of 4,058 shares to cover tax obligations at a price of $39.46 per share, totaling $160,128.
Following these transactions, Hitesh holds 851 shares of C3.ai stock directly.
In other recent news, C3 AI, an enterprise AI software provider, has been making significant strides in its operations and partnerships. The company's third-quarter earnings exceeded expectations, with revenue reaching $94.3 million, reflecting an 8.2% increase quarter-over-quarter. This performance was attributed to the company's success in both federal and commercial sectors.
C3 AI has expanded its partnership with Collins Aerospace, a unit of Raytheon (NYSE:RTN) Technologies (NYSE:RTX) Corp, to develop AI-driven solutions for the defense and intelligence sectors. The collaboration aims to enhance operational efficiency and decision-making capabilities within national security. The joint initiatives will deploy applications from the C3 AI Defense and Intelligence Suite, designed to support federal agencies with advanced tools for decisive action and improved situational awareness.
In terms of analyst ratings, Canaccord Genuity and Piper Sandler have increased their price targets for C3.ai, while maintaining a Hold rating. However, JPMorgan (NYSE:JPM) downgraded the company from Neutral to Underweight, citing concerns over uneven performance and high growth costs.
C3 AI has also entered into a partnership with IT systems integrator ECS to enhance the U.S. Army's intelligence processes. The collaboration will deploy C3 AI Decision Advantage, an AI-enabled application suite, to streamline the Army's information collection management workflows. These are the recent developments for C3 AI.
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