Piper Sandler Issues Pessimistic Forecast for C3.ai (NYSE:AI) Stock Price

C3.ai (NYSE:AI) had its price objective lowered by equities research analysts at Piper Sandler from $42.00 to $28.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 5.93% from the stock’s current price.

A number of other brokerages also recently issued reports on AI. Northland Securities increased their price target on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Morgan Stanley increased their price target on C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a research report on Tuesday, December 10th. StockNews.com raised C3.ai to a “sell” rating in a research report on Tuesday, November 26th. DA Davidson raised C3.ai to a “hold” rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a report on Thursday. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $33.67.

C3.ai Trading Up 0.4 %

C3.ai stock opened at $26.43 on Thursday. C3.ai has a 12 month low of $18.85 and a 12 month high of $45.08. The stock’s 50 day moving average is $32.88 and its 200-day moving average is $29.59. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of -11.96 and a beta of 1.98.

C3.ai (NYSE:AI) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) 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%. As a group, equities research analysts predict that C3.ai will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard C. Levin sold 12,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 161,664 shares of the company’s stock, valued at $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 is available at this hyperlink. Also, CFO Hitesh Lath sold 11,339 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly owns 851 shares of the company’s stock, valued at approximately $35,742. This represents a 93.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,643,311 shares of company stock valued at $59,736,620 in the last three months. Insiders own 33.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AI. Two Sigma Investments LP bought a new position in shares of C3.ai in the 4th quarter worth about $42,306,000. Man Group plc bought a new position in shares of C3.ai in the 4th quarter worth about $38,455,000. Two Sigma Advisers LP bought a new position in shares of C3.ai in the 4th quarter worth about $30,725,000. Renaissance Technologies LLC raised its position in shares of C3.ai by 1,242.5% in the 4th quarter. Renaissance Technologies LLC now owns 718,231 shares of the company’s stock worth $24,729,000 after acquiring an additional 664,731 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of C3.ai by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock worth $445,385,000 after acquiring an additional 446,529 shares in the last quarter. 38.96% of the stock is owned by institutional investors.

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.