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

C3.ai (NYSE:AI) had its target price lowered by research analysts at Piper Sandler from $42.00 to $28.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential upside of 5.93% from the company’s current price.

AI has been the subject of a number of other research reports. Canaccord Genuity Group lifted their price target on C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Thursday. StockNews.com upgraded C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Morgan Stanley lifted their price target on C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, December 10th. Finally, Northland Securities lifted their price target 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $33.67.

C3.ai Price Performance

Shares of AI opened at $26.43 on Thursday. The stock has a 50-day moving average of $32.88 and a 200-day moving average of $29.59. The company has a market cap of $3.41 billion, a PE ratio of -11.96 and a beta of 1.98. C3.ai has a one year low of $18.85 and a one year high of $45.08.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, February 26th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.37). C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. Analysts expect that C3.ai will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Stephen M. Ward, Jr. sold 125,000 shares of C3.ai stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $5,250,000.00. Following the sale, the director now owns 546,495 shares of the company’s stock, valued at approximately $22,952,790. The trade was a 18.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jim H. Snabe sold 499,700 shares of C3.ai stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at $430,500. This trade represents a 98.04 % 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 90 days. 33.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On C3.ai

A number of hedge funds have recently modified their holdings of AI. Brown Lisle Cummings Inc. raised its holdings in C3.ai by 100.0% during the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after acquiring an additional 400 shares during the period. R Squared Ltd bought a new stake in C3.ai during the 4th quarter valued at $29,000. Russell Investments Group Ltd. raised its holdings in C3.ai by 100.7% during the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock valued at $31,000 after acquiring an additional 456 shares during the period. WealthTrak Capital Management LLC bought a new stake in C3.ai during the 4th quarter valued at $33,000. Finally, CENTRAL TRUST Co bought a new stake in C3.ai during the 4th quarter valued at $34,000. Institutional investors 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.