C3.ai (NYSE:AI) Given New $45.00 Price Target at Oppenheimer

C3.ai (NYSE:AI) had its target price dropped by analysts at Oppenheimer from $56.00 to $45.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s target price suggests a potential upside of 69.30% from the stock’s previous close.

Several other analysts have also issued reports on AI. KeyCorp reissued a “mixed” rating on shares of C3.ai in a research report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Thursday. JPMorgan Chase & Co. lowered their price target on shares of C3.ai from $27.00 to $23.00 and set an “underweight” rating on the stock in a research report on Thursday. Canaccord Genuity Group lowered their price target 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. Finally, DA Davidson lowered their price target on shares of C3.ai from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, C3.ai presently has a consensus rating of “Hold” and an average price target of $29.46.

C3.ai Stock Down 4.4%

AI opened at $26.58 on Thursday. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of -12.03 and a beta of 1.99. C3.ai has a twelve month low of $17.03 and a twelve month high of $45.08. The company’s 50-day moving average price is $21.87 and its two-hundred day moving average price is $28.29.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.04. The firm had revenue of $108.72 million for the quarter, compared to analysts’ expectations of $107.85 million. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. The company’s quarterly revenue was up 25.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.11) earnings per share. As a group, sell-side analysts anticipate that C3.ai will post -2.44 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Thomas M. Siebel sold 216,974 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $21.88, for a total value of $4,747,391.12. Following the transaction, the chief executive officer now owns 726,177 shares of the company’s stock, valued at $15,888,752.76. This represents a 23.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Merel Witteveen sold 5,719 shares of the stock in a transaction on 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 $281,379.12. The trade was a 32.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,529,519 shares of company stock valued at $34,038,096. Company insiders own 33.54% of the company’s stock.

Hedge Funds Weigh In On C3.ai

A number of institutional investors have recently made changes to their positions in the stock. Strs Ohio bought a new position in shares of C3.ai in the 1st quarter worth $177,000. Acadian Asset Management LLC bought a new position in shares of C3.ai in the 1st quarter worth $2,983,000. Intech Investment Management LLC increased its holdings in shares of C3.ai by 75.7% in the 1st quarter. Intech Investment Management LLC now owns 88,507 shares of the company’s stock worth $1,863,000 after buying an additional 38,135 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of C3.ai by 2.6% in the 1st quarter. Focus Partners Wealth now owns 59,004 shares of the company’s stock worth $1,242,000 after buying an additional 1,503 shares during the last quarter. Finally, Bayforest Capital Ltd increased its holdings in shares of C3.ai by 870.9% in the 1st quarter. Bayforest Capital Ltd now owns 8,709 shares of the company’s stock worth $183,000 after buying an additional 7,812 shares during the last quarter. 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.