Morgan Stanley Cuts C3.ai (NYSE:AI) Price Target to $30.00

C3.ai (NYSE:AI) had its price objective decreased by investment analysts at Morgan Stanley from $32.00 to $30.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 13.50% from the company’s previous close.

A number of other research analysts have also recently issued reports on the company. StockNews.com raised C3.ai to a “sell” rating in a report on Tuesday, November 26th. DA Davidson raised shares of C3.ai to a “hold” rating in a research note on Wednesday, December 18th. JMP Securities lifted their target price on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a research note on Tuesday, December 10th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Thursday. Finally, Northland Securities raised their price target on C3.ai from $35.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, C3.ai has an average rating of “Hold” and a consensus target price of $33.67.

C3.ai Stock Performance

NYSE:AI opened at $26.43 on Thursday. The company has a 50-day moving average of $32.88 and a 200-day moving average of $29.59. C3.ai has a 52 week low of $18.85 and a 52 week high of $45.08. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of -11.96 and a beta of 1.98.

C3.ai (NYSE:AI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. Sell-side analysts forecast that C3.ai will post -2.44 EPS for the current year.

Insider Buying and Selling

In other C3.ai news, CEO Thomas M. Siebel sold 409,831 shares of the stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $30.97, for a total value of $12,692,466.07. Following the transaction, the chief executive officer now owns 1,756,390 shares of the company’s stock, valued at approximately $54,395,398.30. This represents a 18.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jim H. Snabe sold 499,700 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $430,500. This trade represents a 98.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,643,311 shares of company stock valued at $59,736,620 over the last ninety days. Insiders own 33.54% of the company’s stock.

Hedge Funds Weigh In On C3.ai

Institutional investors and hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp bought a new position in C3.ai in the fourth quarter valued at approximately $229,000. Jupiter Wealth Management LLC acquired a new stake in shares of C3.ai during the fourth quarter worth $387,000. GF Fund Management CO. LTD. bought a new stake in C3.ai in the 4th quarter valued at $4,441,000. Neo Ivy Capital Management acquired a new position in C3.ai in the 4th quarter worth $3,680,000. Finally, Cornerstone Advisory LLC acquired a new position in C3.ai in the 4th quarter worth $256,000. 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.