Cerebras Systems (NASDAQ:CBRS) Shares Up 2.3% – Here’s Why

Shares of Cerebras Systems Inc. (NASDAQ:CBRS) were up 2.3% during mid-day trading on Monday . The company traded as high as $181.94 and last traded at $176.88. 4,253,864 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 7,186,593 shares. The stock had previously closed at $172.86.

Analyst Ratings Changes

Several analysts have commented on CBRS shares. Craig Hallum started coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $325.00 target price for the company. Mizuho assumed coverage on Cerebras Systems in a report on Monday, June 8th. They issued an “outperform” rating and a $300.00 price objective for the company. Wedbush increased their target price on Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. UBS Group raised their target price on Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Zacks Research upgraded Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $299.30.

Cerebras Systems Price Performance

The firm has a fifty day moving average price of $221.65.

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

Insider Activity at Cerebras Systems

In other news, CEO Andrew D. Feldman sold 17,990 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 17,990 shares in the company, valued at $3,113,349.40. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 transaction of $6,116,255.68. Following the sale, the chief operating officer directly owned 33,314 shares of the company’s stock, valued at $5,639,393.92. This represents a 52.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 117,547 shares of company stock worth $20,676,799.

Cerebras Systems Company Profile

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.