Cerebras Systems Inc. (NASDAQ:CBRS) Receives Average Recommendation of “Moderate Buy” from Analysts

Cerebras Systems Inc. (NASDAQ:CBRS) has received a consensus rating of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $299.90.

Several research firms recently weighed in on CBRS. Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. UBS Group increased their price objective on Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Morgan Stanley lifted their target price on Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. TD Cowen began coverage on Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $275.00 target price for the company. Finally, Barclays assumed coverage on Cerebras Systems in a research note on Monday, June 8th. They set an “overweight” rating and a $280.00 price target on the stock.

Cerebras Systems Stock Performance

Shares of NASDAQ:CBRS opened at $179.08 on Friday. Cerebras Systems has a 12 month low of $160.81 and a 12 month high of $386.34. The stock’s 50-day moving average is $204.32.

Cerebras Systems (NASDAQ:CBRS) last announced its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The business had revenue of $209.87 million for the quarter. Cerebras Systems’s quarterly revenue was up 74.3% compared to the same quarter last year. Analysts expect that Cerebras Systems will post -0.52 earnings per share for the current fiscal year.

Insider Activity

In other Cerebras Systems news, Director Eric Vishria sold 68,268 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $229.77, for a total transaction of $15,685,938.36. Following the transaction, the director directly owned 31,383 shares in the company, valued at approximately $7,210,871.91. This represents a 68.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sean Lie sold 16,293 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $210.01, for a total transaction of $3,421,692.93. Following the completion of the transaction, the chief technology officer directly owned 368,926 shares in the company, valued at $77,478,149.26. This trade represents a 4.23% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,291,278 shares of company stock worth $265,966,662.

Institutional Trading of Cerebras Systems

Hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LP acquired a new stake in shares of Cerebras Systems during the second quarter worth $205,000. Tiger Pacific Capital LP acquired a new position in Cerebras Systems in the 2nd quarter worth $221,000. Carlson Financial Inc. bought a new position in Cerebras Systems during the 2nd quarter worth about $322,000. TD Waterhouse Canada Inc. bought a new position in Cerebras Systems during the 2nd quarter worth about $630,000. Finally, Fortitude Advisory Group L.L.C. acquired a new stake in shares of Cerebras Systems in the 2nd quarter valued at about $705,000.

About Cerebras Systems

Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.

In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.