Analysts Set Cerebras Systems Inc. (NASDAQ:CBRS) PT at $299.90

Shares of Cerebras Systems Inc. (NASDAQ:CBRS) have earned an average recommendation of “Moderate Buy” from the thirteen analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $299.90.

A number of equities analysts have issued reports on the stock. Citigroup cut their price objective on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Wedbush raised their price target on shares of Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. UBS Group boosted their price target on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Finally, TD Cowen assumed coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $275.00 price objective for the company.

Insider Transactions at Cerebras Systems

In other news, CTO Sean Lie sold 710,247 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $207.86, for a total value of $147,631,941.42. Following the completion of the transaction, the chief technology officer directly owned 368,926 shares of the company’s stock, valued at $76,684,958.36. This represents a 65.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Eric Vishria sold 68,268 shares of Cerebras Systems stock in a transaction on Monday, August 17th. The stock was sold at an average price of $229.77, for a total value of $15,685,938.36. Following the sale, the director owned 31,383 shares in the company, valued at $7,210,871.91. This trade represents a 68.51% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 1,291,278 shares of company stock worth $265,966,662.

Hedge Funds Weigh In On Cerebras Systems

Several institutional investors have recently added to or reduced their stakes in the stock. Tiger Pacific Capital LP purchased a new stake in shares of Cerebras Systems during the 2nd quarter worth approximately $221,000. Carlson Financial Inc. bought a new stake in shares of Cerebras Systems during the second quarter valued at about $322,000. TD Waterhouse Canada Inc. purchased a new stake in Cerebras Systems in the 2nd quarter worth approximately $630,000. Fortitude Advisory Group L.L.C. purchased a new stake in shares of Cerebras Systems in the second quarter worth $705,000. Finally, Proficio Capital Partners LLC bought a new stake in shares of Cerebras Systems during the 2nd quarter valued at about $1,383,000.

Cerebras Systems Stock Performance

CBRS stock opened at $182.15 on Friday. Cerebras Systems has a twelve month low of $160.81 and a twelve month high of $386.34. The firm has a 50 day moving average of $206.40.

Cerebras Systems (NASDAQ:CBRS) last announced its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The company had revenue of $209.87 million during the quarter. The company’s revenue was up 74.3% compared to the same quarter last year. Equities research analysts anticipate that Cerebras Systems will post -0.52 EPS for the current fiscal year.

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.