Shares of Cerebras Systems Inc. (NASDAQ:CBRS – Get Free Report) have received a consensus rating of “Moderate Buy” from the fourteen analysts that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $261.80.
CBRS has been the topic of a number of analyst reports. UBS Group decreased their target price on shares of Cerebras Systems from $330.00 to $250.00 and set a “buy” rating on the stock in a research report on Monday, November 2nd. Freedom Capital upgraded Cerebras Systems from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Weiss Ratings lowered Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research note on Wednesday, November 4th. Citigroup reduced their price target on Cerebras Systems from $340.00 to $320.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Finally, Jefferies Financial Group upgraded Cerebras Systems to an “outperform” rating in a research report on Monday, October 5th.
Read Our Latest Research Report on Cerebras Systems
Insider Activity at Cerebras Systems
In related news, Director Eric Vishria sold 68,268 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $229.77, for a total value of $15,685,938.36. Following the sale, the director directly owned 31,383 shares of the company’s stock, valued at approximately $7,210,871.91. This trade represents a 68.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sean Lie sold 710,247 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $207.86, for a total transaction of $147,631,941.42. Following the completion of the sale, the chief technology officer owned 368,926 shares of the company’s stock, valued at approximately $76,684,958.36. The trade was a 65.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,924,452 shares of company stock worth $394,628,154.
Hedge Funds Weigh In On Cerebras Systems
Large investors have recently modified their holdings of the company. Hershey Trust Co. acquired a new position in Cerebras Systems during the third quarter valued at approximately $5,840,000. Morse Asset Management Inc raised its stake in shares of Cerebras Systems by 4,953.7% in the 3rd quarter. Morse Asset Management Inc now owns 10,259 shares of the company’s stock valued at $1,823,000 after acquiring an additional 10,056 shares during the period. Alberta Investment Management Corp purchased a new stake in Cerebras Systems during the 3rd quarter worth $10,659,000. Bessemer Group Inc. purchased a new stake in Cerebras Systems during the 3rd quarter worth $462,000. Finally, Washington University increased its holdings in Cerebras Systems by 175.3% in the 3rd quarter. Washington University now owns 1,517,400 shares of the company’s stock valued at $269,566,000 after purchasing an additional 966,314 shares in the last quarter.
Cerebras Systems Price Performance
Shares of CBRS opened at $96.70 on Thursday. 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 stock’s 50 day simple moving average is $157.63. Cerebras Systems has a 1-year low of $77.84 and a 1-year high of $386.34. The stock has a market cap of $22.97 billion and a PE ratio of -1,208.75.
Cerebras Systems (NASDAQ:CBRS – Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The company 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. On average, equities analysts expect that Cerebras Systems will post -0.52 earnings per share for the current fiscal year.
About Cerebras Systems
Cerebras Systems develops computing systems and software designed for artificial intelligence and other compute-intensive workloads. Its products are built around the Wafer-Scale Engine, a large processor designed to support AI model training and inference, and include the CS-3 system and related software.
The company also offers cloud-based access to its AI computing infrastructure, giving customers a way to run AI workloads without deploying its systems on site. Its offerings are aimed at organizations developing and operating large AI models, including businesses, research institutions and public-sector customers.
Founded in 2015, Cerebras is headquartered in Sunnyvale, California.
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