Analysts Set Cerebras Systems Inc. (NASDAQ:CBRS) Price Target at $299.90

Shares of Cerebras Systems Inc. (NASDAQ:CBRS) have earned an average rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $299.90.

CBRS has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of Cerebras Systems from $273.00 to $279.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Mizuho lowered their target price on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Barclays initiated coverage on Cerebras Systems in a research report on Monday, June 8th. They issued an “overweight” rating and a $280.00 price target on the stock. Craig Hallum started coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $325.00 price target on the stock. Finally, Wall Street Zen upgraded Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th.

Cerebras Systems Stock Performance

Shares of CBRS stock opened at $212.41 on Wednesday. The business has a fifty day moving average price of $201.83. Cerebras Systems has a twelve month low of $160.81 and a twelve month high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings data 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 during the quarter. The company’s revenue was up 74.3% compared to the same quarter last year. As a group, equities analysts anticipate that Cerebras Systems will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at Cerebras Systems

In related news, Director Steven Vassallo sold 50,000 shares of the company’s 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 transaction, the director owned 171,977 shares in the company, valued at $36,166,763.10. The trade was a 22.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Yagnesh Patel sold 4,574 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $222.22, for a total transaction of $1,016,434.28. Following the sale, the chief accounting officer directly owned 16,676 shares in the company, valued at $3,705,740.72. This trade represents a 21.52% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 1,432,179 shares of company stock valued at $295,596,648.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Situational Awareness LP purchased a new position in Cerebras Systems in the 2nd quarter worth approximately $2,210,000. Ratan Capital Management LP purchased a new stake in Cerebras Systems during the 2nd quarter valued at $4,641,000. Proficio Capital Partners LLC purchased a new stake in Cerebras Systems during the 2nd quarter valued at $1,383,000. Readystate Asset Management LP bought a new stake in shares of Cerebras Systems in the 2nd quarter worth $2,320,000. Finally, Value Aligned Research Advisors LLC bought a new stake in shares of Cerebras Systems in the 2nd quarter worth $241,934,000.

About Cerebras Systems

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.