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

Shares of Cerebras Systems Inc. (NASDAQ:CBRS) have received an average rating of “Moderate Buy” from the twelve ratings firms that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $300.30.

Several analysts have issued reports on the stock. Wedbush upped their price target on shares of Cerebras Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. Freedom Capital upgraded shares of Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. Citigroup initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $340.00 target price on the stock. UBS Group lifted their price target on Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Mizuho boosted their price target on Cerebras Systems from $300.00 to $310.00 and gave the stock an “outperform” rating in a research report on Monday.

Cerebras Systems Trading Down 5.3%

Shares of Cerebras Systems stock opened at $188.61 on Tuesday. Cerebras Systems has a 12-month low of $160.81 and a 12-month high of $386.34. The business’s 50 day moving average is $217.61.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.10. The company had revenue of $193.41 million during the quarter, compared to analyst estimates of $180.70 million.

Insiders Place Their Bets

In related news, COO Dhiraj Mallick sold 36,131 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $169.28, for a total value of $6,116,255.68. Following the sale, the chief operating officer owned 33,314 shares in the company, valued at approximately $5,639,393.92. This represents a 52.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew D. Feldman sold 17,990 shares of the firm’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $173.06, for a total value of $3,113,349.40. Following the sale, the chief executive officer directly owned 17,990 shares of the company’s stock, valued at $3,113,349.40. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 117,547 shares of company stock valued at $20,676,799.

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.