Morgan Stanley Cuts C3.ai (NYSE:AI) Price Target to $21.00

C3.ai (NYSE:AI) had its price objective decreased by Morgan Stanley from $23.00 to $21.00 in a research note issued to investors on Thursday, Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

AI has been the subject of a number of other research reports. Piper Sandler reduced their price objective on C3.ai from $33.00 to $29.00 and set a neutral rating for the company in a research note on Thursday, May 30th. Piper Sandler Companies reissued a neutral rating and issued a $24.00 price objective on shares of C3.ai in a research note on Thursday. Northland Securities raised C3.ai from a market perform rating to an outperform rating and set a $35.00 price objective for the company in a research note on Thursday, May 30th. Canaccord Genuity Group dropped their target price on C3.ai from $31.00 to $30.00 and set a hold rating on the stock in a report on Thursday, May 30th. Finally, Northland Capmk upgraded C3.ai from a hold rating to a strong-buy rating in a report on Thursday, May 30th. Three 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $27.70.

C3.ai Price Performance

NYSE AI opened at $21.30 on Thursday. The business has a 50 day simple moving average of $26.16 and a 200 day simple moving average of $26.64. C3.ai has a one year low of $18.85 and a one year high of $38.30. The stock has a market capitalization of $2.66 billion, a P/E ratio of -9.10 and a beta of 1.81.

C3.ai (NYSE:AI) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The firm had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. During the same quarter last year, the firm posted ($0.56) earnings per share. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. Equities analysts expect that C3.ai will post -2.35 earnings per share for the current year.

Insider Buying and Selling

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total value of $82,817.80. Following the sale, the chief financial officer now directly owns 7,390 shares in the company, valued at $203,668.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. 34.00% of the stock is currently owned by corporate insiders.

Institutional Trading of C3.ai

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of C3.ai by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after buying an additional 317,768 shares during the period. Coatue Management LLC grew its position in shares of C3.ai by 25.1% in the fourth quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock valued at $81,313,000 after purchasing an additional 568,369 shares in the last quarter. Global Assets Advisory LLC grew its position in shares of C3.ai by 2,547.8% in the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after purchasing an additional 862,811 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of C3.ai by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after purchasing an additional 1,929 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of C3.ai by 10.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 706,677 shares of the company’s stock valued at $20,289,000 after purchasing an additional 66,701 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors.

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.