DA Davidson Upgrades C3.ai (NYSE:AI) to “Hold”

DA Davidson upgraded shares of C3.ai (NYSE:AI) to a hold rating in a research note released on Wednesday morning,Zacks.com reports.

Several other research firms have also commented on AI. KeyCorp lowered shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price target on the stock. in a research report on Thursday. Morgan Stanley lifted their target price on C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research report on Tuesday, December 10th. Piper Sandler increased their price target on C3.ai from $24.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. JMP Securities boosted their price objective on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a report on Tuesday, December 10th. Finally, Piper Sandler Companies reaffirmed a “neutral” rating and set a $24.00 target price on shares of C3.ai in a research note on Thursday, September 5th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $35.00.

C3.ai Trading Up 2.5 %

C3.ai stock opened at $36.34 on Wednesday. The stock has a market cap of $4.62 billion, a P/E ratio of -16.44 and a beta of 2.00. The company has a 50-day moving average price of $31.78 and a 200 day moving average price of $28.08. C3.ai has a 12-month low of $18.85 and a 12-month high of $45.08.

Insider Activity

In other C3.ai news, Director Jim H. Snabe sold 499,700 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total value of $21,512,085.00. Following the sale, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $430,500. This represents a 98.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Hitesh Lath sold 3,949 shares of C3.ai stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $42.36, for a total transaction of $167,279.64. Following the sale, the chief financial officer now directly owns 851 shares of the company’s stock, valued at approximately $36,048.36. This trade represents a 82.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 644,988 shares of company stock worth $27,597,453. Corporate insiders own 33.54% of the company’s stock.

Institutional Trading of C3.ai

A number of hedge funds and other institutional investors have recently bought and sold shares of AI. American Century Companies Inc. increased its holdings in shares of C3.ai by 2.1% in the 2nd quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock valued at $621,000 after acquiring an additional 432 shares during the last quarter. Victory Capital Management Inc. increased its stake in C3.ai by 3.4% in the third quarter. Victory Capital Management Inc. now owns 14,078 shares of the company’s stock valued at $341,000 after purchasing an additional 457 shares during the last quarter. Principal Financial Group Inc. increased its stake in C3.ai by 4.3% in the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock valued at $323,000 after purchasing an additional 462 shares during the last quarter. Forum Financial Management LP lifted its position in shares of C3.ai by 4.4% during the 2nd quarter. Forum Financial Management LP now owns 12,893 shares of the company’s stock worth $373,000 after buying an additional 539 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in shares of C3.ai by 0.5% during the 2nd quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock worth $3,630,000 after buying an additional 572 shares during the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.

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.