C3.ai (NYSE:AI) Price Target Cut to $30.00 by Analysts at Morgan Stanley

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

Several other research analysts also recently weighed in on the stock. StockNews.com raised shares of C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Northland Securities increased their price target on shares of C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. JMP Securities raised their price target on shares of C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a report on Tuesday, December 10th. Canaccord Genuity Group upped their price objective on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Finally, Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research note on Thursday. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $33.67.

C3.ai Price Performance

Shares of AI opened at $26.43 on Thursday. C3.ai has a 12-month low of $18.85 and a 12-month high of $45.08. The stock has a market capitalization of $3.41 billion, a P/E ratio of -11.96 and a beta of 1.98. The firm’s 50 day moving average is $32.88 and its 200-day moving average is $29.59.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.37). C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. As a group, equities research analysts forecast that C3.ai will post -2.44 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Hitesh Lath sold 3,949 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total value of $167,279.64. Following the completion of the sale, the chief financial officer now directly owns 851 shares in the company, valued at approximately $36,048.36. The trade was a 82.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas M. Siebel sold 552,422 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $33.04, for a total transaction of $18,252,022.88. Following the completion of the transaction, the chief executive officer now owns 1,336,968 shares in the company, valued at $44,173,422.72. The trade was a 29.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,643,311 shares of company stock worth $59,736,620. Corporate insiders own 33.54% of the company’s stock.

Institutional Trading of C3.ai

Several hedge funds have recently added to or reduced their stakes in the business. Brown Lisle Cummings Inc. lifted its holdings in shares of C3.ai by 100.0% during the fourth quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock worth $28,000 after buying an additional 400 shares during the last quarter. R Squared Ltd acquired a new position in C3.ai during the 4th quarter valued at $29,000. Russell Investments Group Ltd. grew its position in C3.ai by 100.7% in the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock worth $31,000 after purchasing an additional 456 shares during the last quarter. WealthTrak Capital Management LLC bought a new position in shares of C3.ai during the 4th quarter worth about $33,000. Finally, CENTRAL TRUST Co acquired a new position in shares of C3.ai during the fourth quarter valued at about $34,000. Institutional investors own 38.96% of the company’s stock.

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.