Needham & Company LLC Reaffirms “Hold” Rating for C3.ai (NYSE:AI)

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

Other equities research analysts also recently issued reports about the company. StockNews.com raised C3.ai to a “sell” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. downgraded C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price objective on the stock. in a research note on Wednesday, December 11th. Piper Sandler raised their price objective on C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Canaccord Genuity Group raised their price objective on C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Finally, Northland Securities raised their price objective on C3.ai from $35.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, December 10th. Five equities research 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $33.67.

C3.ai Price Performance

AI opened at $26.43 on Thursday. C3.ai has a fifty-two week low of $18.85 and a fifty-two week high of $45.08. The business has a 50-day moving average of $32.88 and a 200-day moving average of $29.59. The company has a market capitalization of $3.41 billion, a PE ratio of -11.96 and a beta of 1.98.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. On average, equities research analysts expect that C3.ai will post -2.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard C. Levin sold 12,000 shares of C3.ai stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $29.84, for a total transaction of $358,080.00. Following the sale, the director now owns 161,664 shares of the company’s stock, valued at approximately $4,824,053.76. This trade represents a 6.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Hitesh Lath sold 11,339 shares of C3.ai stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.00, for a total value of $476,238.00. Following the sale, the chief financial officer now directly owns 851 shares in the company, valued at $35,742. The trade was a 93.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,643,311 shares of company stock valued at $59,736,620 in the last three months. Company insiders own 33.54% of the company’s stock.

Institutional Trading of C3.ai

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of C3.ai by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock worth $445,385,000 after purchasing an additional 446,529 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of C3.ai by 14.1% during the 4th quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock worth $87,128,000 after purchasing an additional 313,066 shares in the last quarter. State Street Corp boosted its stake in C3.ai by 1.8% in the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after buying an additional 38,185 shares in the last quarter. Two Sigma Investments LP acquired a new stake in C3.ai in the 4th quarter valued at $42,306,000. Finally, Man Group plc acquired a new stake in C3.ai in the 4th quarter valued at $38,455,000. Institutional investors and hedge funds 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.