C3.ai (NYSE:AI) Given New $23.00 Price Target at Canaccord Genuity Group

C3.ai (NYSE:AI) had its price objective decreased by Canaccord Genuity Group from $30.00 to $23.00 in a report published on Thursday, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

Several other equities research analysts have also issued reports on AI. Piper Sandler Companies restated a neutral rating and set a $24.00 price target on shares of C3.ai in a research note on Thursday. Wedbush decreased their price target on shares of C3.ai from $40.00 to $30.00 and set an outperform rating for the company in a research note on Thursday. DA Davidson decreased their price target on shares of C3.ai from $30.00 to $20.00 and set a neutral rating for the company in a research note on Thursday. Northland Securities upgraded shares of C3.ai from a market perform rating to an outperform rating and set a $35.00 price target for the company in a research note on Thursday, May 30th. Finally, Morgan Stanley cut their price objective on shares of C3.ai from $23.00 to $21.00 and set an underweight rating for the company in a report on Thursday. Three investment 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.com, the company presently has a consensus rating of Hold and a consensus target price of $27.70.

C3.ai Stock Performance

NYSE:AI opened at $21.30 on Thursday. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of -9.10 and a beta of 1.81. C3.ai has a 52 week low of $18.85 and a 52 week high of $38.30. The firm has a 50-day moving average price of $26.16 and a two-hundred day moving average price of $26.64.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.08. The firm had revenue of $87.21 million during the quarter, compared to analyst estimates of $86.94 million. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.56) EPS. As a group, sell-side analysts forecast 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 the firm’s stock in a transaction on Thursday, June 27th. The shares were 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 approximately $203,668.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 34.00% of the company’s stock.

Institutional Trading of C3.ai

A number of hedge funds have recently made changes to their positions in the stock. Global Assets Advisory LLC raised its position in C3.ai by 2,547.8% in the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock worth $24,273,000 after purchasing an additional 862,811 shares during the period. Coatue Management LLC raised its position in C3.ai by 25.1% in the 4th quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock worth $81,313,000 after purchasing an additional 568,369 shares during the period. Norges Bank purchased a new position in C3.ai in the 4th quarter worth $10,879,000. Vanguard Group Inc. raised its position in C3.ai by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after purchasing an additional 317,768 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in C3.ai in the 2nd quarter worth $3,465,000. 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.