C3.ai (NYSE:AI) Lifted to “Buy” at Zacks Investment Research

C3.ai (NYSE:AIGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The firm presently has a $22.00 target price on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 6.08% from the stock’s current price.

According to Zacks, “C3.ai Inc. is an enterprise AI software provider for accelerating digital transformation. C3.ai delivers the C3 AI Suite for developing, deploying and operating large-scale AI, predictive analytics and IoT applications. The core of the C3.ai offering is a proprietary, model-driven AI architecture which enhances data science and application development. C3.ai is based in Redwood City, United States. “

Other analysts also recently issued research reports about the stock. Canaccord Genuity Group decreased their price target on shares of C3.ai from $23.00 to $19.00 in a research note on Thursday, June 2nd. StockNews.com raised shares of C3.ai to a “sell” rating in a report on Friday, June 3rd. Wedbush cut their price target on shares of C3.ai to $13.00 in a report on Friday, June 3rd. Piper Sandler lowered shares of C3.ai from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $28.00 to $15.00 in a report on Thursday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of C3.ai from $18.00 to $14.50 in a report on Thursday, June 2nd. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.95.

AI traded up $1.00 on Wednesday, hitting $20.74. The company had a trading volume of 100,097 shares, compared to its average volume of 4,628,201. The company has a market cap of $2.21 billion, a PE ratio of -11.15 and a beta of 0.64. C3.ai has a 12-month low of $13.37 and a 12-month high of $67.38. The business’s fifty day simple moving average is $18.75 and its 200 day simple moving average is $24.24.

C3.ai (NYSE:AIGet Rating) last announced its quarterly earnings data on Wednesday, June 1st. The company reported ($0.55) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.03. The business had revenue of $72.32 million during the quarter, compared to the consensus estimate of $71.28 million. C3.ai had a negative net margin of 75.99% and a negative return on equity of 13.97%. The firm’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.24) earnings per share. On average, sell-side analysts anticipate that C3.ai will post -2.1 EPS for the current year.

In other news, CFO Juho Parkkinen sold 1,930 shares of the business’s stock in a transaction on Thursday, March 24th. The shares were sold at an average price of $23.57, for a total transaction of $45,490.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 10,816 shares of company stock worth $218,278 over the last three months. Corporate insiders own 52.65% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in C3.ai by 29.9% during the first quarter. Vanguard Group Inc. now owns 7,969,409 shares of the company’s stock valued at $180,905,000 after purchasing an additional 1,834,412 shares during the period. Renaissance Technologies LLC raised its position in shares of C3.ai by 39.3% in the first quarter. Renaissance Technologies LLC now owns 2,412,200 shares of the company’s stock worth $54,757,000 after acquiring an additional 680,700 shares during the period. Morgan Stanley raised its position in shares of C3.ai by 72.1% in the third quarter. Morgan Stanley now owns 1,537,845 shares of the company’s stock worth $71,264,000 after acquiring an additional 644,462 shares during the period. State Street Corp raised its position in shares of C3.ai by 10.1% in the first quarter. State Street Corp now owns 1,039,900 shares of the company’s stock worth $23,606,000 after acquiring an additional 95,051 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of C3.ai by 20.3% in the fourth quarter. Geode Capital Management LLC now owns 831,507 shares of the company’s stock worth $25,984,000 after acquiring an additional 140,075 shares during the period. Institutional investors own 45.41% of the company’s stock.

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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