C3.ai (NYSE:AI) Price Target Lowered to $27.00 at Piper Sandler

C3.ai (NYSE:AI) had its price objective lowered by equities researchers at Piper Sandler from $28.00 to $27.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective points to a potential upside of 1.58% from the company’s previous close.

Several other research firms also recently issued reports on AI. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Thursday. JPMorgan Chase & Co. lowered their target price on shares of C3.ai from $27.00 to $23.00 and set an “underweight” rating for the company in a report on Thursday. Oppenheimer lowered their target price on shares of C3.ai from $56.00 to $45.00 and set an “outperform” rating for the company in a report on Thursday. UBS Group reiterated a “neutral” rating and issued a $28.00 target price (up previously from $26.00) on shares of C3.ai in a report on Thursday. Finally, Canaccord Genuity Group lowered their target price on shares of C3.ai from $30.00 to $28.00 and set a “hold” rating for the company in a report on Thursday. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $29.46.

C3.ai Trading Down 4.4%

NYSE AI opened at $26.58 on Thursday. The company has a fifty day simple moving average of $21.87 and a 200 day simple moving average of $28.29. C3.ai has a 12-month low of $17.03 and a 12-month high of $45.08. The company has a market cap of $3.53 billion, a P/E ratio of -12.03 and a beta of 1.99.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.04. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. The business had revenue of $108.72 million during the quarter, compared to the consensus estimate of $107.85 million. During the same quarter last year, the firm posted ($0.11) EPS. C3.ai’s revenue was up 25.5% compared to the same quarter last year. Sell-side analysts predict that C3.ai will post -2.44 EPS for the current year.

Insider Transactions at C3.ai

In other news, VP Merel Witteveen sold 5,719 shares of C3.ai stock in a transaction on Monday, May 19th. The stock was sold at an average price of $23.32, for a total transaction of $133,367.08. Following the sale, the vice president now directly owns 12,066 shares in the company, valued at $281,379.12. The trade was a 32.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas M. Siebel sold 272,079 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $23.99, for a total value of $6,527,175.21. Following the completion of the sale, the chief executive officer now owns 4,402,564 shares in the company, valued at $105,617,510.36. This represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,529,519 shares of company stock worth $34,038,096 in the last ninety days. Company insiders own 33.54% of the company’s stock.

Institutional Investors Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brown Lisle Cummings Inc. raised its stake in C3.ai by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after acquiring an additional 400 shares during the period. Russell Investments Group Ltd. raised its stake in C3.ai by 100.7% in the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock valued at $31,000 after acquiring an additional 456 shares during the period. PNC Financial Services Group Inc. raised its stake in C3.ai by 8.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,546 shares of the company’s stock valued at $138,000 after acquiring an additional 510 shares during the period. Legal & General Group Plc raised its stake in C3.ai by 0.4% in the 4th quarter. Legal & General Group Plc now owns 119,144 shares of the company’s stock valued at $4,102,000 after acquiring an additional 517 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in C3.ai by 72.4% in the 4th quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company’s stock valued at $46,000 after acquiring an additional 555 shares during the period. 38.96% of the stock is currently owned by institutional investors.

About C3.ai

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.