Morgan Stanley Lowers C3.ai (NYSE:AI) Price Target to $20.00

C3.ai (NYSE:AI) had its target price cut by Morgan Stanley from $30.00 to $20.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 3.19% from the stock’s previous close.

AI has been the subject of several other research reports. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Thursday, February 27th. Canaccord Genuity Group decreased their price target on shares of C3.ai from $40.00 to $30.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Piper Sandler cut their price objective on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. KeyCorp dropped their price target on C3.ai from $29.00 to $21.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Finally, DA Davidson reduced their price objective on C3.ai from $25.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday. Five investment analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, C3.ai has a consensus rating of “Hold” and an average price target of $29.58.

C3.ai Stock Performance

C3.ai stock opened at $19.38 on Wednesday. C3.ai has a 52-week low of $17.03 and a 52-week high of $45.08. The firm has a 50 day moving average price of $23.46 and a two-hundred day moving average price of $28.92. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -8.77 and a beta of 2.01.

C3.ai (NYSE:AI) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share 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%. The business had revenue of $98.78 million for the quarter, compared to analyst estimates of $98.12 million. As a group, equities research analysts predict that C3.ai will post -2.44 EPS for the current fiscal year.

Insider Transactions at C3.ai

In related news, VP Merel Witteveen sold 1,133 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total transaction of $25,209.25. Following the completion of the transaction, the vice president now owns 7,287 shares of the company’s stock, valued at approximately $162,135.75. The trade was a 13.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas M. Siebel sold 13,567 shares of the firm’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $19.47, for a total transaction of $264,149.49. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,446,967 shares of company stock worth $37,175,326. 33.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On C3.ai

A number of institutional investors and hedge funds have recently made changes to their positions in AI. Vanguard Group Inc. boosted its position in shares of C3.ai by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock valued at $445,385,000 after acquiring an additional 446,529 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of C3.ai by 14.1% in the 4th quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock worth $87,128,000 after buying an additional 313,066 shares during the last quarter. State Street Corp raised its position in shares of C3.ai by 1.8% during the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after buying an additional 38,185 shares in the last quarter. Two Sigma Investments LP purchased a new position in C3.ai in the fourth quarter worth $42,306,000. Finally, Man Group plc bought a new position in C3.ai in the fourth quarter valued at $38,455,000. 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.