Canaccord Genuity Group Cuts C3.ai (NYSE:AI) Price Target to $30.00

C3.ai (NYSE:AI) had its price objective dropped by research analysts at Canaccord Genuity Group from $40.00 to $30.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 27.58% from the company’s current price.

AI has been the subject of a number of other research reports. Piper Sandler dropped their target price on C3.ai from $42.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday. JMP Securities boosted their price objective on shares of C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Tuesday, December 10th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a report on Thursday. StockNews.com upgraded shares of C3.ai to a “sell” rating in a report on Tuesday, November 26th. Finally, KeyCorp reduced their price objective on C3.ai from $29.00 to $21.00 and set an “underweight” rating for the company in a research note on Thursday. Five analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $31.33.

C3.ai Stock Performance

C3.ai stock traded down $2.93 during midday trading on Thursday, reaching $23.51. 12,692,377 shares of the stock were exchanged, compared to its average volume of 5,077,881. C3.ai has a 52 week low of $18.85 and a 52 week high of $45.08. The company’s fifty day moving average is $32.88 and its 200-day moving average is $29.59. The firm has a market cap of $3.03 billion, a PE ratio of -10.65 and a beta of 1.98.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.37). The firm had revenue of $98.78 million during the quarter, compared to the consensus estimate 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, sell-side analysts anticipate that C3.ai will post -2.44 earnings per share for the current fiscal year.

Insider Activity at C3.ai

In other C3.ai news, Director Richard C. Levin sold 12,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $29.84, for a total value of $358,080.00. Following the completion of the transaction, the director now directly owns 161,664 shares of the company’s stock, valued at $4,824,053.76. This represents a 6.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas M. Siebel sold 409,831 shares of the stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $30.97, for a total value of $12,692,466.07. Following the transaction, the chief executive officer now owns 1,756,390 shares of the company’s stock, valued at approximately $54,395,398.30. This trade represents a 18.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,643,311 shares of company stock valued at $59,736,620. 33.54% of the stock is owned by insiders.

Institutional Investors Weigh In On C3.ai

Large investors have recently added to or reduced their stakes in the stock. Brown Lisle Cummings Inc. increased its stake in C3.ai by 100.0% during the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after buying an additional 400 shares during the period. R Squared Ltd purchased a new position in C3.ai during the 4th quarter worth approximately $29,000. Russell Investments Group Ltd. raised its position in C3.ai by 100.7% during the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock valued at $31,000 after buying an additional 456 shares during the period. WealthTrak Capital Management LLC purchased a new stake in shares of C3.ai in the fourth quarter worth approximately $33,000. Finally, CENTRAL TRUST Co purchased a new position in shares of C3.ai during the 4th quarter valued at $34,000. 38.96% of the stock is owned by institutional investors and hedge funds.

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.