C3.ai (NYSE:AI) Price Target Lowered to $28.00 at JMP Securities

C3.ai (NYSE:AIGet Rating) had its price objective lowered by investment analysts at JMP Securities from $59.00 to $28.00 in a report issued on Thursday, The Fly reports. JMP Securities’ target price would indicate a potential upside of 50.94% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on AI. Morgan Stanley reduced their price target on shares of C3.ai from $20.00 to $15.00 and set an “underweight” rating on the stock in a research note on Thursday, May 19th. Needham & Company LLC reduced their price target on shares of C3.ai from $103.00 to $26.00 and set a “buy” rating on the stock in a research note on Thursday, March 3rd. Canaccord Genuity Group dropped their price objective on shares of C3.ai from $34.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, March 3rd. Deutsche Bank Aktiengesellschaft lowered shares of C3.ai from a “hold” rating to a “sell” rating and dropped their price objective for the company from $36.00 to $18.00 in a report on Friday, March 4th. Finally, Piper Sandler lowered shares of C3.ai from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $28.00 to $15.00 in a report on Thursday. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, C3.ai presently has an average rating of “Hold” and a consensus price target of $21.90.

Shares of AI opened at $18.55 on Thursday. The firm has a market capitalization of $1.97 billion, a PE ratio of -11.97 and a beta of 0.63. The company’s 50-day moving average is $19.07 and its 200-day moving average is $25.09. C3.ai has a fifty-two week low of $13.37 and a fifty-two week high of $76.85.

C3.ai (NYSE:AIGet Rating) last released its quarterly earnings results on Wednesday, June 1st. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.08. The business had revenue of $72.32 million during the quarter, compared to analyst estimates of $71.28 million. During the same quarter last year, the company posted ($0.24) earnings per share. The company’s revenue was up 38.3% on a year-over-year basis. As a group, sell-side analysts expect that C3.ai will post -1.83 EPS for the current year.

In other news, CFO Juho Parkkinen sold 2,085 shares of C3.ai stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $16.99, for a total transaction of $35,424.15. Following the sale, the chief financial officer now directly owns 169,184 shares in the company, valued at approximately $2,874,436.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 10,816 shares of company stock worth $218,278 over the last quarter. Company insiders own 52.65% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. CENTRAL TRUST Co bought a new stake in shares of C3.ai during the fourth quarter valued at about $25,000. FNY Investment Advisers LLC purchased a new position in shares of C3.ai during the fourth quarter worth about $26,000. Canada Pension Plan Investment Board grew its holdings 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 purchasing an additional 1,300 shares in the last quarter. Princeton Global Asset Management LLC purchased a new position in shares of C3.ai during the fourth quarter worth about $38,000. Finally, Benjamin Edwards Inc. purchased a new stake in shares of C3.ai during the first quarter valued at approximately $40,000. Hedge funds and other institutional investors own 45.41% of the company’s stock.

C3.ai Company Profile (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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