C3.ai (NYSE:AI) Cut to “Underweight” at KeyCorp

KeyCorp downgraded shares of C3.ai (NYSE:AI) from a sector weight rating to an underweight rating in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. The firm currently has $29.00 price target on the stock.

Other analysts also recently issued research reports about the company. DA Davidson boosted their price objective on C3.ai from $20.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. Piper Sandler Companies reiterated a “neutral” rating and issued a $24.00 price objective on shares of C3.ai in a research report on Thursday, September 5th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Tuesday, December 10th. Canaccord Genuity Group lifted their price target on C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 11th. Finally, Bank of America decreased their price objective on C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Five analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.00.

C3.ai Stock Performance

AI opened at $36.34 on Thursday. The company has a market capitalization 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 of $31.78 and a 200-day moving average of $28.07. C3.ai has a 1-year low of $18.85 and a 1-year high of $45.08.

Insider Buying and Selling at C3.ai

In other C3.ai news, Director John E. Hyten sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $38.37, for a total transaction of $191,850.00. Following the completion of the sale, the director now owns 263,843 shares of the company’s stock, valued at $10,123,655.91. This represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of C3.ai stock in a transaction that occurred on Monday, December 9th. The shares were 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 directly owns 546,495 shares in the company, valued at approximately $22,952,790. This represents a 18.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 644,988 shares of company stock valued at $27,597,453 in the last quarter. Company insiders own 33.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. increased its position in shares of C3.ai by 2.1% during the second quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock valued at $621,000 after purchasing an additional 432 shares during the period. Victory Capital Management Inc. boosted its holdings in C3.ai by 3.4% during 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 in the last quarter. Principal Financial Group Inc. grew its stake in shares of C3.ai by 4.3% in the 2nd 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 period. Forum Financial Management LP raised its holdings in shares of C3.ai by 4.4% in 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 in 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 period. 38.96% of the stock is owned by 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.