C3.ai (NYSE:AI) Earns “Neutral” Rating from Piper Sandler Companies

Piper Sandler Companies reaffirmed their neutral rating on shares of C3.ai (NYSE:AI) in a research note issued to investors on Thursday morning, Stock Target Advisor reports. They currently have a $24.00 target price on the stock.

A number of other brokerages also recently issued reports on AI. Northland Securities raised C3.ai from a market perform rating to an outperform rating and set a $35.00 price objective on the stock in a research note on Thursday, May 30th. Canaccord Genuity Group decreased their target price on C3.ai from $31.00 to $30.00 and set a hold rating for the company in a research report on Thursday, May 30th. Piper Sandler decreased their target price on C3.ai from $33.00 to $29.00 and set a neutral rating for the company in a research report on Thursday, May 30th. Needham & Company LLC reaffirmed a hold rating on shares of C3.ai in a research report on Thursday, May 30th. Finally, Morgan Stanley boosted their price objective on C3.ai from $21.00 to $23.00 and gave the stock an underweight rating in a report on Thursday, May 30th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, C3.ai has a consensus rating of Hold and a consensus price target of $27.70.

C3.ai Trading Up 0.9 %

Shares of AI opened at $21.30 on Thursday. The company has a market capitalization of $2.66 billion, a PE ratio of -9.10 and a beta of 1.81. C3.ai has a 12 month low of $18.85 and a 12 month high of $38.30. The stock’s 50-day moving average price is $26.16 and its two-hundred day moving average price is $26.64.

C3.ai (NYSE:AI) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. The company had revenue of $87.21 million for the quarter, compared to the consensus estimate of $86.94 million. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The firm’s revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.56) EPS. Equities research analysts predict that C3.ai will post -2.35 EPS for the current fiscal year.

Insider Activity

In other news, CFO Hitesh Lath sold 3,005 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total value of $82,817.80. Following the completion of the transaction, the chief financial officer now directly owns 7,390 shares of the company’s stock, valued at $203,668.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 34.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On C3.ai

Several institutional investors have recently modified their holdings of the business. Global Assets Advisory LLC lifted its stake in C3.ai by 2,547.8% in the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after purchasing an additional 862,811 shares during the last quarter. Coatue Management LLC lifted its stake in C3.ai by 25.1% in the fourth quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock valued at $81,313,000 after purchasing an additional 568,369 shares during the last quarter. Norges Bank purchased a new position in C3.ai in the fourth quarter valued at approximately $10,879,000. Vanguard Group Inc. lifted its stake in C3.ai by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after purchasing an additional 317,768 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in C3.ai in the second quarter valued at approximately $3,465,000. 38.96% of the stock is 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.