C3.ai (NYSE:AI) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

C3.ai (NYSE:AI) had its price objective lifted by Canaccord Genuity Group from $23.00 to $40.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 4.60% from the company’s previous close.

A number of other brokerages have also weighed in on AI. Oppenheimer restated an “outperform” rating and issued a $40.00 price objective on shares of C3.ai in a report on Thursday, September 5th. Northland Securities boosted their price target on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday. Wedbush dropped their price objective on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. StockNews.com raised C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Finally, JMP Securities raised their price target on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a report on Tuesday. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $35.55.

C3.ai Stock Performance

Shares of C3.ai stock opened at $38.24 on Wednesday. The company has a 50-day simple moving average of $30.08 and a two-hundred day simple moving average of $27.54. The stock has a market capitalization of $4.86 billion, a PE 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.

Insider Buying and Selling

In other C3.ai news, CFO Hitesh Lath sold 11,339 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.00, for a total value of $476,238.00. Following the completion of the sale, the chief financial officer now owns 851 shares in the company, valued at $35,742. This represents a 93.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.00, for a total value of $5,250,000.00. Following the completion of the transaction, the director now directly owns 546,495 shares in the company, valued at $22,952,790. This trade represents a 18.62 % decrease in their position. The disclosure for this sale can be found here. 33.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after purchasing an additional 178,870 shares in the last quarter. State Street Corp raised its position in shares of C3.ai by 1.8% during the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after purchasing an additional 38,185 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of C3.ai by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after buying an additional 92,280 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in C3.ai by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock worth $22,344,000 after buying an additional 1,929 shares during the period. Finally, Raymond James & Associates increased its stake in C3.ai by 11.5% in the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock worth $5,829,000 after buying an additional 20,753 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors.

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.