Canaccord Genuity Group Has Lowered Expectations for C3.ai (NYSE:AI) Stock Price

C3.ai (NYSE:AI) had its target price dropped by Canaccord Genuity Group from $30.00 to $28.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 5.34% from the company’s current price.

AI has been the topic of several other reports. Piper Sandler cut their price objective on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. KeyCorp reiterated a “mixed” rating on shares of C3.ai in a report on Thursday. UBS Group reiterated a “neutral” rating and set a $28.00 price objective (up from $26.00) on shares of C3.ai in a report on Thursday. DA Davidson cut their price objective on shares of C3.ai from $25.00 to $18.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a report on Thursday. Five analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $29.46.

C3.ai Trading Down 4.4%

Shares of NYSE 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 52 week low of $17.03 and a 52 week high of $45.08. The company’s 50-day moving average price is $21.87 and its 200 day moving average price is $28.29.

C3.ai (NYSE:AI) last issued its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) EPS 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 firm’s revenue was up 25.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.11) EPS. As a group, research analysts expect that C3.ai will post -2.44 earnings per share for the current year.

Insider Activity at C3.ai

In other news, VP Merel Witteveen sold 5,719 shares of C3.ai stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $23.32, for a total transaction of $133,367.08. Following the sale, the vice president now owns 12,066 shares in the company, valued at $281,379.12. This trade represents a 32.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas M. Siebel sold 13,567 shares of C3.ai stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $19.47, for a total transaction of $264,149.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,529,519 shares of company stock worth $34,038,096. Company insiders own 33.54% of the company’s stock.

Institutional Trading of C3.ai

A number of hedge funds have recently made changes to their positions in the company. Brown Lisle Cummings Inc. raised its stake in shares of C3.ai by 100.0% during the fourth quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after purchasing an additional 400 shares during the period. Russell Investments Group Ltd. raised its stake in shares of C3.ai by 100.7% during the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock valued at $31,000 after purchasing an additional 456 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of C3.ai by 8.4% during the first quarter. PNC Financial Services Group Inc. now owns 6,546 shares of the company’s stock valued at $138,000 after purchasing an additional 510 shares during the period. Legal & General Group Plc raised its stake in shares of C3.ai by 0.4% during the fourth quarter. Legal & General Group Plc now owns 119,144 shares of the company’s stock valued at $4,102,000 after purchasing an additional 517 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in shares of C3.ai by 72.4% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company’s stock valued at $46,000 after purchasing an additional 555 shares during the period. 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.