C3.ai (NYSE:AI) Price Target Raised to $40.00

C3.ai (NYSE:AI) had its price objective lifted by investment analysts at Canaccord Genuity Group from $23.00 to $40.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 4.60% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Tuesday. Northland Securities lifted their price objective on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday. Piper Sandler Companies reiterated a “neutral” rating and set a $24.00 target price on shares of C3.ai in a research report on Thursday, September 5th. StockNews.com upgraded shares of C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Finally, Wedbush lowered their price objective on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $35.55.

C3.ai Stock Performance

Shares of NYSE AI opened at $38.24 on Wednesday. The company has a market cap of $4.86 billion, a P/E ratio of -17.30 and a beta of 1.99. C3.ai has a 52-week low of $18.85 and a 52-week high of $45.08. The firm’s fifty day moving average is $30.08 and its two-hundred day moving average is $27.54.

Insider Transactions at C3.ai

In related news, Director Stephen M. Ward, Jr. sold 125,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the completion of the transaction, the director now owns 546,495 shares in the company, valued at $22,952,790. The trade was a 18.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Hitesh Lath sold 11,339 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $476,238.00. Following the completion of the transaction, the chief financial officer now directly owns 851 shares in the company, valued at $35,742. This trade represents a 93.02 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 33.54% of the company’s stock.

Institutional Trading of C3.ai

A number of large investors have recently made changes to their positions in AI. JTC Employer Solutions Trustee Ltd purchased a new position in C3.ai in the 3rd quarter worth about $25,000. Blue Trust Inc. grew its stake in C3.ai by 148.9% in the 2nd quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock worth $28,000 after acquiring an additional 615 shares in the last quarter. Unique Wealth Strategies LLC purchased a new position in shares of C3.ai during the second quarter worth approximately $28,000. Hobbs Group Advisors LLC bought a new stake in shares of C3.ai during the second quarter valued at approximately $29,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of C3.ai by 311.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after purchasing an additional 795 shares during the period. 38.96% of the stock is 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.