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

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

Several research firms have recently weighed in on CBRS. Freedom Capital upgraded Cerebras Systems to a “hold” rating in a report on Monday, June 29th. Wall Street Zen upgraded shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a report on Sunday, June 21st. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, June 24th. Barclays initiated coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set an “overweight” rating and a $280.00 price objective for the company. Finally, Zacks Research raised shares of Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th.

Cerebras Systems Stock Performance

Shares of Cerebras Systems stock opened at $188.61 on Tuesday. Cerebras Systems has a 12 month low of $160.81 and a 12 month high of $386.34. The business’s fifty day simple moving average is $217.61.

Cerebras Systems (NASDAQ:CBRS) last posted its 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 business had revenue of $193.41 million during the quarter, compared to analyst estimates of $180.70 million.

Insider Transactions at Cerebras Systems

In related news, CTO Sean Lie sold 10,033 shares of the stock in a transaction dated 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 directly owned 10,033 shares in the company, valued at approximately $1,706,312.31. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Cerebras Systems 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 completion of the sale, the chief executive officer directly owned 17,990 shares in the company, valued at approximately $3,113,349.40. 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. In the last ninety days, insiders have sold 117,547 shares of company stock valued at $20,676,799.

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.