Canaccord Genuity Group Cuts C3.ai (NYSE:AI) Price Target to $28.00

C3.ai (NYSE:AI) had its price target trimmed by Canaccord Genuity Group from $30.00 to $28.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a hold rating on the stock.

Other analysts have also recently issued research reports about the company. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Thursday. Morgan Stanley cut their price target on C3.ai from $30.00 to $20.00 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. DA Davidson reduced their price target on C3.ai from $25.00 to $18.00 and set a “neutral” rating for the company in a report on Monday, April 14th. KeyCorp restated a “mixed” rating on shares of C3.ai in a report on Thursday. Finally, Piper Sandler cut their price objective on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $29.46.

C3.ai Stock Performance

AI stock opened at $26.58 on Thursday. The firm has a 50 day simple moving average of $21.87 and a 200 day simple moving average of $28.30. C3.ai has a 52 week low of $17.03 and a 52 week high of $45.08. The stock has a market cap of $3.53 billion, a P/E ratio of -12.03 and a beta of 1.99.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.04. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. The company had revenue of $108.72 million during the quarter, compared to analyst estimates of $107.85 million. During the same quarter last year, the business posted ($0.11) EPS. The company’s revenue for the quarter was up 25.5% on a year-over-year basis. Sell-side analysts predict that C3.ai will post -2.44 EPS for the current year.

Insider Transactions at C3.ai

In other C3.ai news, CEO Thomas M. Siebel sold 356,418 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $20.19, for a total transaction of $7,196,079.42. Following the completion of the sale, the chief executive officer now directly owns 241,768 shares in the company, valued at $4,881,295.92. This represents a 59.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Merel Witteveen sold 1,133 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total value of $25,209.25. Following the completion of the sale, the vice president now directly owns 7,287 shares in the company, valued at approximately $162,135.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,529,519 shares of company stock worth $34,038,096. 33.54% of the stock is owned by insiders.

Hedge Funds Weigh In On C3.ai

Large investors have recently made changes to their positions in the business. Brown Lisle Cummings Inc. grew its holdings in C3.ai by 100.0% in 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 last quarter. R Squared Ltd acquired a new position in shares of C3.ai during the fourth quarter worth approximately $29,000. Garde Capital Inc. bought a new stake in shares of C3.ai in the first quarter valued at approximately $29,000. Russell Investments Group Ltd. grew its stake in shares of C3.ai by 100.7% in the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock worth $31,000 after acquiring an additional 456 shares during the last quarter. Finally, WealthTrak Capital Management LLC acquired a new stake in shares of C3.ai in the fourth quarter worth $33,000. 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.