C3.ai (NYSE:AI) Given New $20.00 Price Target at DA Davidson

C3.ai (NYSE:AI) had its price objective dropped by research analysts at DA Davidson from $30.00 to $20.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price target suggests a potential upside of 1.99% from the stock’s previous close.

Several other brokerages have also recently weighed in on AI. Northland Securities upgraded shares of C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research report on Thursday, May 30th. Morgan Stanley reduced their target price on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a report on Thursday. Piper Sandler Companies reaffirmed a “neutral” rating and issued a $24.00 price target on shares of C3.ai in a report on Thursday. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday. Finally, Northland Capmk upgraded C3.ai from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 30th. Three analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $27.11.

C3.ai Price Performance

Shares of NYSE:AI traded down $3.40 during mid-day trading on Thursday, reaching $19.61. 12,721,280 shares of the company traded hands, compared to its average volume of 5,866,969. The firm has a market cap of $2.45 billion, a PE ratio of -8.38 and a beta of 1.83. The company’s 50 day moving average price is $26.46 and its 200-day moving average price is $26.73. C3.ai has a 52 week low of $18.85 and a 52 week high of $38.30.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.08. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The firm had revenue of $87.21 million for the quarter, compared to analysts’ expectations of $86.94 million. During the same period in the previous year, the firm posted ($0.56) earnings per share. The business’s revenue was up 20.5% compared to the same quarter last year. On average, research analysts predict that C3.ai will post -2.35 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Hitesh Lath sold 3,005 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total transaction of $82,817.80. Following the transaction, the chief financial officer now directly owns 7,390 shares of the company’s stock, valued at $203,668.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 34.00% of the company’s stock.

Institutional Investors Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AI. American Century Companies Inc. grew its holdings in shares of C3.ai by 2.1% during the second quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock valued at $621,000 after buying an additional 432 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of C3.ai by 4.3% in the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock worth $323,000 after purchasing an additional 462 shares during the last quarter. Forum Financial Management LP boosted its position in C3.ai by 4.4% in the second quarter. Forum Financial Management LP now owns 12,893 shares of the company’s stock valued at $373,000 after buying an additional 539 shares during the last quarter. Rhumbline Advisers boosted its position in C3.ai by 0.5% in the second quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock valued at $3,630,000 after buying an additional 572 shares during the last quarter. Finally, EP Wealth Advisors LLC lifted its stake in C3.ai by 6.2% during the 1st quarter. EP Wealth Advisors LLC now owns 10,239 shares of the company’s stock valued at $277,000 after acquiring an additional 600 shares during the period. 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.