Piper Sandler Cuts C3.ai (NYSE:AI) Price Target to $24.00

C3.ai (NYSE:AI) had its target price trimmed by Piper Sandler from $29.00 to $24.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

AI has been the subject of a number of other reports. Piper Sandler Companies reiterated a neutral rating and set a $24.00 price target on shares of C3.ai in a report on Thursday. Northland Securities upgraded C3.ai from a market perform rating to an outperform rating and set a $35.00 price target for the company in a report on Thursday, May 30th. Northland Capmk upgraded C3.ai from a hold rating to a strong-buy rating in a report on Thursday, May 30th. Needham & Company LLC reiterated a hold rating on shares of C3.ai in a report on Thursday. Finally, Canaccord Genuity Group cut their target price on C3.ai from $31.00 to $30.00 and set a hold rating for the company in a research note on Thursday, May 30th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, C3.ai presently has an average rating of Hold and an average target price of $27.70.

C3.ai Stock Up 0.9 %

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

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

Insider Buying and Selling at C3.ai

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 34.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Toth Financial Advisory Corp raised its holdings in shares of C3.ai by 900.0% in the first quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock valued at $27,000 after buying an additional 900 shares during the last quarter. Unique Wealth Strategies LLC bought a new position in shares of C3.ai in the second quarter valued at about $28,000. Blue Trust Inc. raised its holdings in shares of C3.ai by 148.9% in the second quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock valued at $28,000 after buying an additional 615 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in shares of C3.ai in the fourth quarter valued at about $29,000. Finally, Hobbs Group Advisors LLC acquired a new stake in C3.ai in the second quarter worth about $29,000. 38.96% of the stock is owned by 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.