Cerebras Systems Inc. (NASDAQ:CBRS) Stock Has Average Price Target of $299.90

Cerebras Systems Inc. (NASDAQ:CBRS) has received an average recommendation of “Moderate Buy” from the fourteen ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $299.90.

Several research firms have weighed in on CBRS. Jefferies Financial Group upgraded shares of Cerebras Systems to an “outperform” rating in a report on Monday, October 5th. Morgan Stanley increased their price target on shares of Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. UBS Group raised their price objective on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Wedbush lifted their price objective on Cerebras Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Finally, Wall Street Zen raised Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th.

Cerebras Systems Stock Up 0.5%

Shares of CBRS opened at $142.17 on Friday. Cerebras Systems has a twelve month low of $133.88 and a twelve month high of $386.34. The firm has a 50 day simple moving average of $193.67. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.80 and a current ratio of 5.82.

Cerebras Systems (NASDAQ:CBRS) last issued its earnings results on Wednesday, August 12th. The company reported ($2.98) EPS for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The business had revenue of $209.87 million for the quarter. The business’s revenue was up 74.3% on a year-over-year basis. As a group, analysts anticipate that Cerebras Systems will post -0.52 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Sean Lie sold 120,000 shares of the company’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of $208.97, for a total value of $25,076,400.00. Following the sale, the chief technology officer directly owned 309,569 shares in the company, valued at $64,690,633.93. This represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Yagnesh Patel sold 1,320 shares of the stock in a transaction on Monday, September 28th. The shares were sold at an average price of $204.50, for a total value of $269,940.00. Following the sale, the chief accounting officer directly owned 15,356 shares in the company, valued at approximately $3,140,302. The trade was a 7.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,864,452 shares of company stock worth $387,680,754 in the last quarter.

Institutional Investors Weigh In On Cerebras Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in CBRS. NFSG Corp increased its stake in Cerebras Systems by 1,483.7% in the third quarter. NFSG Corp now owns 8,821 shares of the company’s stock valued at $1,567,000 after purchasing an additional 8,264 shares during the last quarter. Walser Wealth Management Company A Ltd Liability Co purchased a new stake in Cerebras Systems in the 3rd quarter valued at about $495,000. Fortitude Advisory Group L.L.C. grew its holdings in Cerebras Systems by 30.6% in the 3rd quarter. Fortitude Advisory Group L.L.C. now owns 4,163 shares of the company’s stock valued at $740,000 after buying an additional 975 shares during the period. Mather Group LLC. acquired a new position in shares of Cerebras Systems during the 3rd quarter valued at about $44,000. Finally, Sanders Morris Harris LLC acquired a new position in shares of Cerebras Systems during the 3rd quarter valued at about $931,000.

About Cerebras Systems

Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and deploying large AI models. The company’s technology is designed to address the computational demands of generative AI, deep learning and other data-intensive workloads.

Its core products include the Wafer-Scale Engine, a purpose-built AI processor produced on a single silicon wafer, and the CS-3 AI supercomputer, which incorporates that processor into an integrated computing system.