C3.ai (NYSE:AI) Given New $40.00 Price Target at Piper Sandler

C3.ai (NYSE:AI) had its target price cut by equities research analysts at Piper Sandler from $44.00 to $40.00 in a research report issued on Thursday, The Fly reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 42.96% from the company’s previous close.

A number of other research firms also recently issued reports on AI. Zacks Investment Research downgraded shares of C3.ai from a “hold” rating to a “sell” rating in a research note on Wednesday. Morgan Stanley dropped their price objective on shares of C3.ai from $45.00 to $31.00 and set an “underweight” rating for the company in a report on Thursday, December 16th. Needham & Company LLC dropped their price objective on shares of C3.ai from $122.00 to $103.00 and set a “buy” rating for the company in a report on Thursday, December 2nd. Bank of America cut shares of C3.ai from a “neutral” rating to an “underperform” rating in a report on Thursday, December 2nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of C3.ai from $53.00 to $43.00 and set an “underweight” rating for the company in a report on Thursday, December 2nd. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $53.50.

C3.ai stock opened at $27.98 on Thursday. The company’s 50 day simple moving average is $35.43 and its 200-day simple moving average is $44.83. C3.ai has a 1 year low of $27.33 and a 1 year high of $176.94.

C3.ai (NYSE:AI) last released its quarterly earnings results on Tuesday, November 30th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.06. The company had revenue of $58.26 million during the quarter, compared to analysts’ expectations of $56.95 million. C3.ai’s revenue for the quarter was up 40.9% on a year-over-year basis. On average, research analysts forecast that C3.ai will post -2.17 EPS for the current year.

In other C3.ai news, CTO Edward Y. Abbo sold 23,138 shares of the business’s stock in a transaction that occurred on Thursday, November 18th. The shares were sold at an average price of $43.44, for a total transaction of $1,005,114.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Barter sold 14,844 shares of the business’s stock in a transaction that occurred on Friday, November 12th. The stock was sold at an average price of $46.29, for a total transaction of $687,128.76. The disclosure for this sale can be found here. Insiders have sold a total of 72,689 shares of company stock valued at $3,346,032 in the last quarter. 52.65% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the company. Allianz Asset Management GmbH lifted its position in shares of C3.ai by 270.1% during the 2nd quarter. Allianz Asset Management GmbH now owns 3,968,698 shares of the company’s stock worth $248,162,000 after buying an additional 2,896,310 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of C3.ai by 57.4% during the 2nd quarter. Vanguard Group Inc. now owns 2,462,211 shares of the company’s stock worth $153,962,000 after buying an additional 898,128 shares during the last quarter. Morgan Stanley lifted its position in shares of C3.ai by 72.1% during the 3rd quarter. Morgan Stanley now owns 1,537,845 shares of the company’s stock worth $71,264,000 after buying an additional 644,462 shares during the last quarter. Tudor Investment Corp Et Al lifted its position in shares of C3.ai by 11.3% during the 3rd quarter. Tudor Investment Corp Et Al now owns 742,257 shares of the company’s stock worth $34,396,000 after buying an additional 75,548 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of C3.ai by 253.9% during the 3rd quarter. Geode Capital Management LLC now owns 691,432 shares of the company’s stock worth $32,040,000 after buying an additional 496,030 shares during the last quarter. Institutional investors and hedge funds own 48.55% of the company’s stock.

About C3.ai

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software-as-a-service applications for enterprises. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; and C3 AI Applications, which include industry-specific and application-specific turnkey AI solutions.

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