C3.ai (NYSE:AI) Stock Rating Reaffirmed by Needham & Company LLC

C3.ai (NYSE:AI)‘s stock had its “hold” rating reissued by stock analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley reduced their price objective on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating for the company in a research note on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $40.00 price objective on shares of C3.ai in a research note on Wednesday, May 29th. Canaccord Genuity Group reduced their price objective on shares of C3.ai from $31.00 to $30.00 and set a “hold” rating for the company in a research note on Thursday, May 30th. Northland Securities raised shares of C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research note on Thursday, May 30th. Finally, Piper Sandler Companies reaffirmed a “neutral” rating and issued a $24.00 price objective on shares of C3.ai in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $29.11.

C3.ai Stock Down 1.9 %

Shares of NYSE:AI opened at $23.01 on Thursday. The firm has a fifty day moving average of $26.46 and a two-hundred day moving average of $26.73. The firm has a market capitalization of $2.87 billion, a P/E ratio of -9.83 and a beta of 1.83. C3.ai has a 12-month low of $20.23 and a 12-month high of $38.30.

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

Insider Transactions at C3.ai

In other news, CFO Hitesh Lath sold 3,005 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $27.56, for a total transaction of $82,817.80. Following the transaction, the chief financial officer now owns 7,390 shares in the company, valued at approximately $203,668.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 34.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. increased its stake in C3.ai by 2.1% in the second quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock valued at $621,000 after acquiring an additional 432 shares during the period. Principal Financial Group Inc. increased its stake in C3.ai by 4.3% in the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock valued at $323,000 after acquiring an additional 462 shares during the period. Forum Financial Management LP increased its stake in C3.ai by 4.4% in the second quarter. Forum Financial Management LP now owns 12,893 shares of the company’s stock valued at $373,000 after acquiring an additional 539 shares during the period. Rhumbline Advisers grew its stake in C3.ai by 0.5% during the second quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock worth $3,630,000 after buying an additional 572 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its stake in C3.ai by 6.2% during the first quarter. EP Wealth Advisors LLC now owns 10,239 shares of the company’s stock worth $277,000 after buying an additional 600 shares during the last quarter. Institutional investors own 38.96% of the company’s stock.

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.