Brokerages Set C3.ai, Inc. (NYSE:AI) PT at $29.46

C3.ai, Inc. (NYSE:AI) has received an average rating of “Hold” from the fourteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $29.46.

Several equities analysts have issued reports on the stock. UBS Group reaffirmed a “neutral” rating and issued a $28.00 price target (up from $26.00) on shares of C3.ai in a report on Thursday, May 29th. JPMorgan Chase & Co. dropped their price target on C3.ai from $27.00 to $23.00 and set an “underweight” rating on the stock in a research note on Thursday, May 29th. Canaccord Genuity Group dropped their target price on shares of C3.ai from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Thursday, May 29th. Wall Street Zen downgraded C3.ai from a “hold” rating to a “sell” rating in a research note on Friday, June 6th. Finally, Oppenheimer dropped their price objective on shares of C3.ai from $56.00 to $45.00 and set an “outperform” rating on the stock in a report on Thursday, May 29th.

C3.ai Price Performance

Shares of AI opened at $23.63 on Tuesday. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of -10.55 and a beta of 2.04. C3.ai has a 1 year low of $17.03 and a 1 year high of $45.08. The business’s 50 day simple moving average is $23.13 and its 200-day simple moving average is $27.34.

C3.ai (NYSE:AI) last announced its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.04. The business had revenue of $108.72 million for the quarter, compared to the consensus estimate of $107.85 million. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.25%. The business’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. On average, sell-side analysts expect that C3.ai will post -2.44 earnings per share for the current year.

Insider Activity at C3.ai

In other C3.ai news, CEO Thomas M. Siebel sold 356,418 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $20.19, for a total value of $7,196,079.42. Following the transaction, the chief executive officer now owns 241,768 shares in the company, valued at approximately $4,881,295.92. This trade represents a 59.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Merel Witteveen sold 5,719 shares of the firm’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $23.32, for a total transaction of $133,367.08. Following the completion of the transaction, the vice president now directly owns 12,066 shares in the company, valued at approximately $281,379.12. This represents a 32.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,752,730 shares of company stock valued at $41,551,316. 33.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On C3.ai

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of C3.ai by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,407,490 shares of the company’s stock valued at $282,228,000 after buying an additional 471,521 shares during the period. Geode Capital Management LLC raised its position in C3.ai by 14.1% in the fourth quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock valued at $87,128,000 after purchasing an additional 313,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in C3.ai by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,157,303 shares of the company’s stock valued at $45,414,000 after purchasing an additional 91,923 shares during the period. Two Sigma Investments LP purchased a new stake in C3.ai in the 4th quarter valued at about $42,306,000. Finally, Man Group plc purchased a new stake in C3.ai in the 4th quarter valued at about $38,455,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

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.