Piper Sandler Has Lowered Expectations for C3.ai (NYSE:AI) Stock Price

C3.ai (NYSE:AI) had its price objective reduced by analysts at Piper Sandler from $42.00 to $28.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 19.43% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. KeyCorp downgraded shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective for the company. in a research report on Thursday, December 19th. JPMorgan Chase & Co. cut C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target for the company. in a report on Wednesday, December 11th. Morgan Stanley upped their price objective on C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, December 10th. Canaccord Genuity Group raised their price objective on C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Finally, Northland Securities boosted their target price on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, C3.ai has an average rating of “Hold” and an average price target of $31.33.

C3.ai Stock Performance

AI opened at $23.44 on Thursday. The business’s 50-day simple moving average is $32.39 and its 200 day simple moving average is $29.54. C3.ai has a 52-week low of $18.85 and a 52-week high of $45.08. The firm has a market capitalization of $3.03 billion, a PE ratio of -10.61 and a beta of 1.98.

C3.ai (NYSE:AI) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. The company had revenue of $98.78 million for the quarter, compared to the consensus estimate of $98.12 million. On average, research analysts forecast that C3.ai will post -2.44 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Thomas M. Siebel sold 409,831 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $30.97, for a total value of $12,692,466.07. Following the completion of the sale, the chief executive officer now directly owns 1,756,390 shares in the company, valued at approximately $54,395,398.30. The trade was a 18.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Merel Witteveen sold 11,132 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $34.95, for a total value of $389,063.40. Following the transaction, the vice president now owns 4,142 shares in the company, valued at approximately $144,762.90. This trade represents a 72.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,643,311 shares of company stock worth $59,736,620 in the last 90 days. Company insiders own 33.54% of the company’s stock.

Institutional Trading of C3.ai

A number of institutional investors have recently modified their holdings of the stock. Brown Lisle Cummings Inc. raised its stake in C3.ai by 100.0% in the fourth quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after purchasing an additional 400 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of 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 buying an additional 456 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of C3.ai by 3.4% in the 3rd quarter. Victory Capital Management Inc. now owns 14,078 shares of the company’s stock valued at $341,000 after buying an additional 457 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of C3.ai by 0.4% during the 4th quarter. Legal & General Group Plc now owns 119,144 shares of the company’s stock worth $4,102,000 after acquiring an additional 517 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of C3.ai by 72.4% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company’s stock worth $46,000 after acquiring an additional 555 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors.

C3.ai Company Profile

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.