Westpark Capital Upgrades C3.ai (NYSE:AI) to Strong-Buy

Westpark Capital upgraded shares of C3.ai (NYSE:AI - Free Report) to a strong-buy rating in a research report released on Wednesday morning, Marketbeat reports. The brokerage currently has $40.00 price target on the stock.

Several other analysts have also recently commented on the stock. Morgan Stanley raised their target price on shares of C3.ai from $20.00 to $22.00 and gave the stock an "underweight" rating in a research note on Thursday, May 29th. Canaccord Genuity Group cut their price target on shares of C3.ai from $30.00 to $28.00 and set a "hold" rating for the company in a report on Thursday, May 29th. Oppenheimer cut their price target on shares of C3.ai from $56.00 to $45.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. UBS Group cut their price target on shares of C3.ai from $28.00 to $27.00 and set a "neutral" rating for the company in a report on Thursday, June 26th. Finally, JPMorgan Chase & Co. cut their price target on shares of C3.ai from $27.00 to $23.00 and set an "underweight" rating for the company in a report on Thursday, May 29th. Five research analysts have rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, C3.ai currently has an average rating of "Hold" and a consensus target price of $30.14.

C3.ai Stock Performance

Shares of NYSE:AI traded down $0.52 during trading hours on Wednesday, reaching $26.29. The stock had a trading volume of 4,210,758 shares, compared to its average volume of 5,309,333. C3.ai has a 1 year low of $17.03 and a 1 year high of $45.08. The firm's 50 day moving average is $24.37 and its 200-day moving average is $26.06. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of -11.74 and a beta of 1.99.

C3.ai (NYSE:AI - Get Free Report) last issued its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.04. The business had revenue of $108.72 million during the quarter, compared to analysts' expectations of $107.85 million. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. The company's revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.11) EPS. Analysts forecast that C3.ai will post -2.44 EPS for the current year.

Insider Buying and Selling at C3.ai

In other C3.ai news, CEO Thomas M. Siebel sold 601,498 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $25.02, for a total transaction of $15,049,479.96. Following the transaction, the chief executive officer directly owned 3,816,802 shares in the company, valued at $95,496,386.04. This represents a 13.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard C. Levin sold 6,000 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $26.31, for a total transaction of $157,860.00. Following the transaction, the director owned 161,664 shares in the company, valued at $4,253,379.84. This trade represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,770,419 shares of company stock worth $41,992,834. 33.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Garde Capital Inc. bought a new position in shares of C3.ai in the 1st quarter worth about $29,000. Russell Investments Group Ltd. lifted its position in shares of 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 buying an additional 456 shares during the last quarter. WealthTrak Capital Management LLC bought a new position in shares of C3.ai in the 4th quarter worth about $33,000. Orion Capital Management LLC bought a new position in shares of C3.ai in the 4th quarter worth about $34,000. Finally, CX Institutional bought a new position in shares of C3.ai in the 1st quarter worth about $34,000. 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.