C3.ai Gets Price Target Bumps By Analysts Following Q4 Results

C3.ai Inc OI posted better-than-expected earnings for its fourth quarter.

C3.ai announced fourth-quarter revenue of $72.4 million, up from the $72.3 million reported in the same time period last year. The revenue total beat a Street estimate of $71.3 million. C3 AI reported a loss of 13 cents per share for the first quarter, compared to a Street consensus estimate of a loss of 17 cents per share.

C3.ai said it sees first-quarter revenue to come in a range of $70 million to $72.5 million, a year-over-year increase of 7% to 11%. For the full fiscal year, the company expects revenue of $295 million to $320 million, which would be up 11% to 20% year-over-year.

C3.ai shares dropped 19.4% to $32.27 in today’s pre-market trading session.

These analysts made changes to their price targets on C3.ai following earnings announcement.

• Piper Sandler raised the price target on C3.ai from $23 to $29.. Piper Sandler analyst Arvind Ramnani maintained a Neutral rating.
• JMP Securities increased the price target on C3.ai from $28 to $38. JMP Securities analyst Joe Goodwin maintained a Market Outperform rating.
• Needham analyst Mike Cikos, meanwhile, reiterated C3.ai with a Hold.

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