C3.ai (NYSE:AI) Given New $20.00 Price Target at Needham & Company LLC

C3.ai (NYSE:AIGet Rating) had its target price lowered by analysts at Needham & Company LLC from $26.00 to $20.00 in a research report issued on Thursday, The Fly reports. Needham & Company LLC’s target price would indicate a potential upside of 7.82% from the company’s current price.

AI has been the topic of several other research reports. Piper Sandler lowered shares of C3.ai from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $28.00 to $15.00 in a research note on Thursday. JMP Securities reduced their target price on shares of C3.ai from $59.00 to $28.00 in a report on Thursday. Morgan Stanley reduced their target price on shares of C3.ai from $20.00 to $15.00 and set an “underweight” rating for the company in a report on Thursday, May 19th. Wedbush lowered shares of C3.ai from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $30.00 to $16.00 in a research note on Tuesday, May 3rd. Finally, StockNews.com raised shares of C3.ai to a “sell” rating in a research note on Thursday, May 12th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.55.

Shares of NYSE AI opened at $18.55 on Thursday. C3.ai has a 12-month low of $13.37 and a 12-month high of $76.85. The company has a market cap of $1.97 billion, a P/E ratio of -11.97 and a beta of 0.63. The stock has a fifty day moving average price of $19.07 and a 200 day moving average price of $25.09.

C3.ai (NYSE:AIGet Rating) last posted its quarterly earnings data on Wednesday, June 1st. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.08. The firm had revenue of $72.32 million during the quarter, compared to analysts’ expectations of $71.28 million. During the same period in the previous year, the company earned ($0.24) earnings per share. The business’s quarterly revenue was up 38.3% on a year-over-year basis. As a group, equities analysts predict that C3.ai will post -1.83 earnings per share for the current fiscal year.

In other C3.ai news, CFO Juho Parkkinen sold 2,085 shares of the business’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $16.99, for a total value of $35,424.15. Following the transaction, the chief financial officer now directly owns 169,184 shares in the company, valued at $2,874,436.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders sold 10,816 shares of company stock worth $218,278. Company insiders own 52.65% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in AI. CENTRAL TRUST Co bought a new position in shares of C3.ai in the fourth quarter worth about $25,000. FNY Investment Advisers LLC bought a new stake in shares of C3.ai during the fourth quarter worth approximately $26,000. Canada Pension Plan Investment Board raised its stake in shares of C3.ai by 755.8% during the first quarter. Canada Pension Plan Investment Board now owns 1,472 shares of the company’s stock worth $34,000 after buying an additional 1,300 shares during the last quarter. Princeton Global Asset Management LLC bought a new stake in shares of C3.ai during the fourth quarter worth approximately $38,000. Finally, Benjamin Edwards Inc. bought a new stake in shares of C3.ai during the first quarter worth approximately $40,000. 45.41% of the stock is owned by institutional investors.

About C3.ai (Get Rating)

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software-as-a-service applications for enterprises. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; and C3 AI Applications, which include industry-specific and application-specific turnkey AI solutions.

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