Cerebras Systems (NASDAQ:CBRS) Stock Rating Upgraded by Freedom Capital

Cerebras Systems (NASDAQ:CBRS) was upgraded by investment analysts at Freedom Capital to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

CBRS has been the subject of several other reports. TD Cowen assumed coverage on Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $275.00 target price for the company. Rosenblatt Securities reissued a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 21st. Morgan Stanley lifted their price objective on shares of Cerebras Systems from $250.00 to $273.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $299.30.

Cerebras Systems Price Performance

Shares of NASDAQ CBRS opened at $221.00 on Monday. Cerebras Systems has a 52-week low of $160.81 and a 52-week high of $386.34.

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

Insider Buying and Selling

In other Cerebras Systems news, CTO Sean Lie sold 10,033 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The shares were 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 in the company, valued at $1,706,312.31. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Yagnesh Patel sold 6,079 shares of the firm’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $171.53, for a total transaction of $1,042,730.87. Following the completion of the sale, the chief accounting officer owned 4,000 shares in the company, valued at $686,120. The trade was a 60.31% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 107,547 shares of company stock worth $18,611,699.

Key Stories Impacting Cerebras Systems

Here are the key news stories impacting Cerebras Systems this week:

• Positive Sentiment: Cerebras continues to benefit from strong post-earnings momentum, with investors reacting to a Q1 beat on both EPS and revenue, plus recent analyst upgrades and price-target increases from firms including UBS, Morgan Stanley, Needham, and Wedbush.
• Positive Sentiment: Unusual options activity points to speculative bullish interest, as traders bought far more call options than normal, suggesting some investors are betting on additional upside. Cerebras Systems (CBRS) Soars 19% on Stellar Q1
• Neutral Sentiment: A market article highlighted Cerebras as one of the “10 AI Stocks on Wall Street’s Radar,” which may be supporting visibility, but does not by itself change fundamentals. Cerebras Systems (CBRS): 10 AI Stocks on Wall Street’s Radar
• Neutral Sentiment: Freedom Capital upgraded Cerebras to “hold,” a cautious but not clearly negative signal for the stock. Zacks.com reference
• Negative Sentiment: Two law firms are investigating Cerebras on behalf of investors for potential securities law violations, which can create overhang and raise concerns even though no wrongdoing has been proven. Pomerantz LLP Investigates Claims On Behalf of Investors of Cerebras Systems Inc. – CBRS
• Negative Sentiment: Multiple insiders, including the CEO, CTO, COO, and CAO, disclosed stock sales over the past several days. The company said several transactions were tied to tax withholding on vested awards, but the scale of selling may still pressure sentiment.

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.