Piper Sandler Lowers C3.ai (NYSE:AI) Price Target to $28.00

C3.ai (NYSE:AI) had its price objective lowered by Piper Sandler from $42.00 to $28.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

AI has been the topic of a number of other research reports. Canaccord Genuity Group increased their price target on C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a report on Thursday. KeyCorp cut shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price target for the company. in a report on Thursday, December 19th. DA Davidson raised shares of C3.ai to a “hold” rating in a research report on Wednesday, December 18th. Finally, StockNews.com raised shares of C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Five research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, C3.ai currently has an average rating of “Hold” and a consensus target price of $31.33.

C3.ai Stock Performance

Shares of AI stock opened at $23.80 on Thursday. The stock has a market capitalization of $3.07 billion, a P/E ratio of -10.77 and a beta of 1.98. C3.ai has a fifty-two week low of $18.85 and a fifty-two week high of $45.08. The company has a 50 day moving average price of $32.65 and a 200 day moving average price of $29.55.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). The company 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%. On average, research analysts forecast that C3.ai will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Hitesh Lath sold 11,339 shares of the company’s stock in a transaction 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 owns 851 shares in the company, valued at $35,742. This represents a 93.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas M. Siebel sold 409,831 shares of the firm’s stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $30.97, for a total transaction of $12,692,466.07. Following the transaction, the chief executive officer now directly owns 1,756,390 shares in the company, valued at $54,395,398.30. The trade was a 18.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,643,311 shares of company stock valued at $59,736,620. 33.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On C3.ai

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in C3.ai by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock valued at $445,385,000 after acquiring an additional 446,529 shares during the period. Geode Capital Management LLC increased its holdings in shares of C3.ai by 14.1% in the fourth quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock valued at $87,128,000 after purchasing an additional 313,066 shares during the period. State Street Corp increased its holdings in shares of C3.ai by 1.8% in the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after purchasing an additional 38,185 shares during the period. Two Sigma Investments LP purchased a new stake in shares of C3.ai during the fourth quarter worth approximately $42,306,000. Finally, Man Group plc acquired a new stake in shares of C3.ai during the fourth quarter worth $38,455,000. Institutional investors and hedge funds own 38.96% of the company’s stock.

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.