C3.ai (NYSE:AI) Price Target Cut to $27.00 by Analysts at Piper Sandler

C3.ai (NYSE:AI - Free Report) had its price objective lowered by Piper Sandler from $28.00 to $27.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities analysts also recently weighed in on the company. Canaccord Genuity Group cut their target price on C3.ai from $30.00 to $28.00 and set a "hold" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. decreased their target price on C3.ai from $27.00 to $23.00 and set an "underweight" rating on the stock in a research note on Thursday. Morgan Stanley upped their target price on C3.ai from $20.00 to $22.00 and gave the stock an "underweight" rating in a research note on Thursday. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a research report on Thursday. Finally, Oppenheimer dropped their target price on C3.ai from $56.00 to $45.00 and set an "outperform" rating for the company in a report on Thursday. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $29.46.

C3.ai Trading Down 4.4%

NYSE:AI traded down $1.22 during mid-day trading on Thursday, hitting $26.58. 11,988,832 shares of the company's stock were exchanged, compared to its average volume of 5,237,889. C3.ai has a fifty-two week low of $17.03 and a fifty-two week high of $45.08. The firm has a market capitalization of $3.53 billion, a P/E ratio of -12.03 and a beta of 1.99. The company has a 50 day simple moving average of $21.87 and a 200-day simple moving average of $28.29.

C3.ai (NYSE:AI - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.04. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. The firm had revenue of $108.72 million during the quarter, compared to analyst estimates of $107.85 million. During the same period last year, the company posted ($0.11) EPS. The business's quarterly revenue was up 25.5% on a year-over-year basis. As a group, analysts expect that C3.ai will post -2.44 earnings per share for the current year.

Insider Buying and Selling

In other C3.ai news, VP Merel Witteveen sold 1,133 shares of the business's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total transaction of $25,209.25. Following the sale, the vice president now directly owns 7,287 shares in the company, valued at approximately $162,135.75. The trade was a 13.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas M. Siebel sold 356,418 shares of the business's stock in a transaction dated Monday, April 14th. The stock was 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 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,529,519 shares of company stock worth $34,038,096. Insiders own 33.54% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brown Lisle Cummings Inc. increased its position in C3.ai by 100.0% during the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company's stock worth $28,000 after purchasing an additional 400 shares in the last quarter. R Squared Ltd bought a new position in C3.ai during the fourth quarter worth $29,000. Garde Capital Inc. acquired a new stake in C3.ai in the first quarter worth $29,000. Russell Investments Group Ltd. increased its position in 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 buying an additional 456 shares during the period. Finally, WealthTrak Capital Management LLC acquired a new stake in C3.ai in the fourth quarter worth $33,000. 38.96% of the stock is currently owned by hedge funds and other 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.