Shares of C3.ai (NYSE:AI) saw a notable increase of 2% on December 4, 2024, following positive earnings reports from Salesforce, which introduced its new AI product, Agentforce. This uptick in C3.ai's stock was part of a broader favorable environment for AI stocks, as other software companies such as SentinelOne, Okta, and Box also reported strong earnings around the same time, contributing to investor optimism in the sector. On the trading day, C3.ai's stock traded as high as $30.32 and last traded at $29.81, with approximately 882,919 shares changing hands, a significant decline from the average daily volume of 6,510,725 shares. The stock had previously closed at $29.80. Analysts have mixed opinions on C3.ai, with Wedbush maintaining an 'outperform' rating and setting a price target of $40.00, while Northland Capital Markets upgraded the stock from 'hold' to 'strong-buy'. However, Piper Sandler reduced its price target from $33.00 to $29.00, maintaining a 'neutral' rating. Overall, the stock has received three sell ratings, five hold ratings, four buy ratings, and one strong buy rating, leading to an average rating of 'Hold' with a target price of $31.30.
In a significant move, Daiwa Securities Group Inc. decreased its holdings in C3.ai by 90.8% during the first quarter, selling 25,844 shares and retaining only 2,634 shares valued at $71,000. Other institutional investors, including Toth Financial Advisory Corp and DekaBank Deutsche Girozentrale, have also adjusted their positions in C3.ai. Morgan Stanley recently raised its price objective on C3.ai from $21.00 to $23.00, while Piper Sandler cut its target from $33.00 to $29.00. C3.ai's stock opened at $29.68 on Friday, with a 52-week low of $20.23 and a high of $44.90. The company reported earnings of ($0.59) per share for the quarter, surpassing the consensus estimate of ($0.77) by $0.18, alongside revenue of $86.59 million. CFO Hitesh Lath sold 3,005 shares at an average price of $27.56, totaling $82,817.80. C3.ai operates as an enterprise AI software company, providing various AI solutions, and continues to navigate a complex market landscape.