Morgan Stanley Boosts C3.ai (NYSE:AI) Price Target to $22.00

C3.ai (NYSE:AI) had its price target boosted by research analysts at Morgan Stanley from $20.00 to $22.00 in a report released on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Morgan Stanley’s price objective points to a potential downside of 17.23% from the company’s current price.

Several other analysts also recently commented on the stock. DA Davidson reduced their price objective on shares of C3.ai from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Canaccord Genuity Group cut their price target on shares of C3.ai from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Thursday. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research note on Thursday. JPMorgan Chase & Co. decreased their price target on C3.ai from $27.00 to $23.00 and set an “underweight” rating on the stock in a research report on Thursday. Finally, KeyCorp reaffirmed a “mixed” rating on shares of C3.ai in a research note on Thursday. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, C3.ai presently has an average rating of “Hold” and an average target price of $29.46.

C3.ai Price Performance

Shares of NYSE AI opened at $26.58 on Thursday. The company has a 50 day simple moving average of $21.87 and a 200 day simple moving average of $28.29. The firm has a market cap of $3.53 billion, a PE ratio of -12.03 and a beta of 1.99. C3.ai has a 1 year low of $17.03 and a 1 year high of $45.08.

C3.ai (NYSE:AI) last released its quarterly earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.04. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. The firm had revenue of $108.72 million during the quarter, compared to analyst estimates of $107.85 million. During the same quarter last year, the business earned ($0.11) EPS. The company’s revenue was up 25.5% compared to the same quarter last year. As a group, research analysts anticipate that C3.ai will post -2.44 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Thomas M. Siebel sold 356,418 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $20.19, for a total value of $7,196,079.42. Following the completion of the sale, the chief executive officer now owns 241,768 shares of the company’s stock, valued at $4,881,295.92. This trade represents a 59.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas M. Siebel sold 13,567 shares of the firm’s stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $19.47, for a total value of $264,149.49. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,529,519 shares of company stock valued at $34,038,096. 33.54% of the stock is currently owned by company insiders.

Institutional Trading of C3.ai

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brown Lisle Cummings Inc. lifted its position in C3.ai by 100.0% during the fourth quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after buying an additional 400 shares during the period. R Squared Ltd purchased a new position in C3.ai during the fourth quarter valued at $29,000. Garde Capital Inc. purchased a new position in C3.ai during the first quarter valued at $29,000. Russell Investments Group Ltd. lifted its position in C3.ai by 100.7% during the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock valued at $31,000 after buying an additional 456 shares during the period. Finally, WealthTrak Capital Management LLC purchased a new position in C3.ai during the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

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.