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

Cerebras Systems Inc. (NASDAQ:CBRS) has received an average rating of “Moderate Buy” from the twelve brokerages that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $300.30.

Several research firms have commented on CBRS. Wall Street Zen upgraded shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 21st. Wedbush lifted their target price on Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Rosenblatt Securities reissued a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, June 24th. Citigroup began coverage on Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $340.00 price target on the stock. Finally, Freedom Capital raised Cerebras Systems to a “hold” rating in a research report on Monday, June 29th.

Cerebras Systems Stock Down 2.1%

NASDAQ CBRS opened at $198.71 on Tuesday. The company has a 50 day simple moving average of $210.22. Cerebras Systems has a one year low of $160.81 and a one year high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last announced its earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.10. The business had revenue of $193.41 million for the quarter, compared to analysts’ expectations of $180.70 million.

Insider Activity

In related news, CEO Andrew D. Feldman sold 17,990 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $173.06, for a total value of $3,113,349.40. Following the sale, the chief executive officer owned 17,990 shares of the company’s stock, valued at $3,113,349.40. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Sean Lie sold 10,033 shares of Cerebras Systems stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $170.07, for a total transaction of $1,706,312.31. Following the completion of the transaction, the chief technology officer owned 10,033 shares of the company’s stock, valued at $1,706,312.31. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 117,547 shares of company stock valued at $20,676,799 over the last three months.

Cerebras Systems Company Profile

Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.

In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.