Cerebras Systems Inc. (NASDAQ:CBRS) Receives $300.30 Consensus PT from Analysts

Shares of Cerebras Systems Inc. (NASDAQ:CBRS) have been given an average recommendation of “Moderate Buy” by the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $300.30.

A number of research analysts have recently weighed in on the company. Citigroup began coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $340.00 target price on the stock. Mizuho upped their price target on Cerebras Systems from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Wedbush increased their price target on Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a research report on Wednesday, June 24th. UBS Group raised their price objective on Cerebras Systems from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, TD Cowen started coverage on shares of Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $275.00 price objective on the stock.

Cerebras Systems Trading Up 10.7%

CBRS opened at $219.97 on Tuesday. Cerebras Systems has a fifty-two week low of $160.81 and a fifty-two week high of $386.34. The stock has a 50-day simple moving average of $209.48.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The company had revenue of $193.41 million for the quarter, compared to analyst estimates of $180.70 million.

Insider Activity

In other Cerebras Systems news, CAO Yagnesh Patel sold 6,079 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $171.53, for a total value of $1,042,730.87. Following the completion of the sale, the chief accounting officer directly owned 4,000 shares of the company’s stock, valued at approximately $686,120. This represents a 60.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew D. Feldman sold 17,990 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $173.06, for a total transaction of $3,113,349.40. Following the completion of the sale, the chief executive officer owned 17,990 shares of the company’s stock, valued at approximately $3,113,349.40. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 117,547 shares of company stock valued at $20,676,799 over the last ninety days.

About Cerebras Systems

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.