C3.ai (NYSE:AI) Price Target Cut to $30.00 by Analysts at Canaccord Genuity Group

C3.ai (NYSE:AI) had its target price trimmed by Canaccord Genuity Group from $40.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a hold rating on the stock.

A number of other research analysts also recently issued reports on AI. DA Davidson decreased their price target on C3.ai from $40.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday. Morgan Stanley lowered their price target on shares of C3.ai from $32.00 to $30.00 and set an “underweight” rating on the stock in a report on Thursday. JMP Securities lifted their price objective on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a report on Tuesday, December 10th. StockNews.com raised shares of C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. lowered C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target for the company. in a research note on Wednesday, December 11th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $31.33.

C3.ai Trading Down 10.0 %

AI opened at $23.80 on Thursday. C3.ai has a 12-month low of $18.85 and a 12-month high of $45.08. The firm has a 50 day moving average of $32.65 and a two-hundred day moving average of $29.55. The firm has a market capitalization of $3.07 billion, a PE ratio of -10.77 and a beta of 1.98.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.37). The business had revenue of $98.78 million for the quarter, compared to analysts’ expectations of $98.12 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. As a group, analysts predict that C3.ai will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Stephen M. Ward, Jr. sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the transaction, the director now directly owns 546,495 shares in the company, valued at $22,952,790. The trade was a 18.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Hitesh Lath sold 11,339 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $476,238.00. Following the completion of the sale, the chief financial officer now directly owns 851 shares of the company’s stock, valued at approximately $35,742. This represents a 93.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,643,311 shares of company stock valued at $59,736,620 in the last 90 days. 33.54% of the stock is owned by insiders.

Institutional Trading of C3.ai

Several institutional investors and hedge funds have recently bought and sold shares of AI. Brown Lisle Cummings Inc. lifted its holdings in shares of C3.ai by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock worth $28,000 after acquiring an additional 400 shares during the last quarter. R Squared Ltd acquired a new position in C3.ai during the 4th quarter worth about $29,000. Russell Investments Group Ltd. boosted its holdings in C3.ai by 100.7% during 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. WealthTrak Capital Management LLC acquired a new position in C3.ai in the 4th quarter valued at about $33,000. Finally, CENTRAL TRUST Co purchased a new stake in C3.ai during the fourth quarter worth about $34,000. 38.96% of the stock is currently owned by hedge funds and other 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.