UBS Group Has Lowered Expectations for Cerebras Systems (NASDAQ:CBRS) Stock Price

Cerebras Systems (NASDAQ:CBRS) had its target price lowered by research analysts at UBS Group from $330.00 to $250.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group‘s target price indicates a potential upside of 159.44% from the stock’s current price.

A number of other equities research analysts have also weighed in on the company. Mizuho reduced their price objective on Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Freedom Capital raised Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Rosenblatt Securities restated a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, August 19th. Wall Street Zen upgraded Cerebras Systems from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Weiss Ratings raised Cerebras Systems from a “sell (d-)” rating to a “sell (d)” rating in a research note on Wednesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cerebras Systems has an average rating of “Moderate Buy” and a consensus price target of $281.90.

Cerebras Systems Stock Down 11.7%

Shares of NASDAQ CBRS traded down $12.82 during midday trading on Monday, reaching $96.36. 13,041,672 shares of the company were exchanged, compared to its average volume of 7,820,107. The company’s 50-day moving average price is $168.82. The stock has a market capitalization of $22.89 billion and a PE ratio of -1,204.50. The company has a current ratio of 5.82, a quick ratio of 5.80 and a debt-to-equity ratio of 0.02. Cerebras Systems has a one year low of $95.03 and a one year high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The firm had revenue of $209.87 million during the quarter. The firm’s quarterly revenue was up 74.3% on a year-over-year basis. On average, equities research analysts anticipate that Cerebras Systems will post -0.52 EPS for the current year.

Insider Buying and Selling

In related news, Director Steven Vassallo sold 50,000 shares of the firm’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $210.30, for a total transaction of $10,515,000.00. Following the completion of the transaction, the director directly owned 171,977 shares of the company’s stock, valued at $36,166,763.10. This trade represents a 22.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Yagnesh Patel sold 1,320 shares of the company’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $204.50, for a total value of $269,940.00. Following the completion of the sale, the chief accounting officer owned 15,356 shares in the company, valued at $3,140,302. This trade represents a 7.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,924,452 shares of company stock valued at $394,628,154 over the last quarter.

Hedge Funds Weigh In On Cerebras Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC lifted its position in shares of Cerebras Systems by 205.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 6,992 shares of the company’s stock worth $1,242,000 after purchasing an additional 4,701 shares during the period. Kestra Private Wealth Services LLC increased its position in shares of Cerebras Systems by 91.0% during the third quarter. Kestra Private Wealth Services LLC now owns 5,860 shares of the company’s stock worth $1,041,000 after buying an additional 2,792 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in shares of Cerebras Systems during the third quarter worth $240,000. Torren Management LLC bought a new position in Cerebras Systems during the third quarter worth $39,000. Finally, Blue Bell Private Wealth Management LLC bought a new position in Cerebras Systems during the third quarter worth $31,000.

About Cerebras Systems

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.