Cerebras Systems (NASDAQ:CBRS) Given New $175.00 Price Target at TD Cowen

Cerebras Systems (NASDAQ:CBRS) had its target price trimmed by TD Cowen from $275.00 to $175.00 in a research report released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, August 19th. Mizuho reduced their target price on Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Morgan Stanley boosted their price objective 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 target on Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Finally, Wedbush lifted their price objective on shares of Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $289.90.

Cerebras Systems Trading Down 5.1%

CBRS opened at $120.66 on Monday. The company’s 50 day simple moving average is $189.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.80 and a current ratio of 5.82. The company has a market capitalization of $28.66 billion and a PE ratio of -1,508.25. Cerebras Systems has a twelve month low of $120.12 and a twelve month high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings results 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 business had revenue of $209.87 million during the quarter. The business’s revenue for the quarter was up 74.3% on a year-over-year basis. As a group, analysts forecast that Cerebras Systems will post -0.52 EPS for the current year.

Insider Buying and Selling at Cerebras Systems

In related news, Director Steven Vassallo sold 50,000 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $210.30, for a total value of $10,515,000.00. Following the completion of the sale, the director owned 171,977 shares in the company, valued at approximately $36,166,763.10. This trade represents a 22.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andrew Feldman sold 237,559 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $199.27, for a total value of $47,338,381.93. Following the completion of the sale, the chief executive officer owned 16,853 shares of the company’s stock, valued at $3,358,297.31. This represents a 93.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,864,452 shares of company stock valued at $387,680,754 in the last three months.

Institutional Trading of Cerebras Systems

Institutional investors have recently bought and sold shares of the stock. Frank Rimerman Advisors LLC boosted its position in Cerebras Systems by 3,681.7% in the third quarter. Frank Rimerman Advisors LLC now owns 56,271 shares of the company’s stock valued at $9,997,000 after buying an additional 54,783 shares in the last quarter. ICG Advisors LLC raised its position in shares of Cerebras Systems by 179.9% during the third quarter. ICG Advisors LLC now owns 15,000 shares of the company’s stock worth $2,665,000 after acquiring an additional 9,641 shares during the last quarter. NFSG Corp raised its holdings in Cerebras Systems by 1,483.7% during the 3rd quarter. NFSG Corp now owns 8,821 shares of the company’s stock worth $1,567,000 after purchasing an additional 8,264 shares during the last quarter. Cohen Capital Management Inc. acquired a new position in Cerebras Systems in the third quarter valued at approximately $1,444,000. Finally, State Street Corp acquired a new position in shares of Cerebras Systems in the 2nd quarter valued at $105,343,000.

Cerebras Systems Company Profile

Cerebras Systems is a technology company that develops specialized computing systems for artificial intelligence and high-performance computing. Its core product is the Wafer-Scale Engine, a processor designed to provide large-scale computing capacity and high-speed data movement for training and running AI models.

The company offers integrated AI computing systems, including the Cerebras CS series, which combines its wafer-scale processors with supporting hardware and software. Cerebras also provides access to its technology through cloud-based services, enabling businesses, research organizations and other users to develop and deploy AI applications without operating the underlying systems themselves.

Founded in 2015 and headquartered in Sunnyvale, California, Cerebras serves customers in sectors such as technology, government, scientific research and other data-intensive industries.