Cerebras Systems Inc. (NASDAQ:CBRS) Given Average Recommendation of “Moderate Buy” by Brokerages

Cerebras Systems Inc. (NASDAQ:CBRS) has been given an average recommendation of “Moderate Buy” by the thirteen analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned 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 target among brokers that have issued ratings on the stock in the last year is $299.90.

Several analysts have recently weighed in on the stock. UBS Group increased their price target on shares of Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Citigroup cut their price objective on Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Wedbush boosted their price objective on shares of Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. Zacks Research raised shares of Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. Finally, TD Cowen started coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They set a “buy” rating and a $275.00 target price for the company.

Cerebras Systems Stock Performance

NASDAQ CBRS opened at $184.03 on Wednesday. The business’s fifty day moving average is $201.83. Cerebras Systems has a 52 week low of $160.81 and a 52 week high of $386.34.

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

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, COO Dhiraj Mallick sold 38,889 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total value of $8,641,913.58. Following the sale, the chief operating officer owned 120,000 shares of the company’s stock, valued at $26,666,400. The trade was a 24.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Steven Vassallo sold 50,000 shares of the company’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $210.30, for a total value of $10,515,000.00. Following the transaction, the director owned 171,977 shares in the company, valued at $36,166,763.10. This trade represents a 22.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,432,179 shares of company stock worth $295,596,648 in the last three months.

Hedge Funds Weigh In On Cerebras Systems

Several hedge funds have recently bought and sold shares of the company. Situational Awareness LP acquired a new position in Cerebras Systems in the 2nd quarter valued at about $2,210,000. Ratan Capital Management LP purchased a new stake in Cerebras Systems during the second quarter worth about $4,641,000. Proficio Capital Partners LLC acquired a new stake in shares of Cerebras Systems during the second quarter worth about $1,383,000. Value Aligned Research Advisors LLC acquired a new stake in shares of Cerebras Systems during the second quarter worth about $241,934,000. Finally, Montanova Capital LLC purchased a new stake in Cerebras Systems during the 2nd quarter worth approximately $37,990,000.

Cerebras Systems Company Profile

Cerebras Systems develops specialized computing systems and software for artificial intelligence (AI) and machine-learning workloads. The company’s technology is designed to accelerate the training and deployment of large AI models by combining high-performance processors, memory, networking and software into integrated computing platforms.

Its principal products include the Wafer-Scale Engine (WSE), a processor built on a single semiconductor wafer, and the CS-3 AI supercomputer, which is based on the company’s wafer-scale architecture.