Cerebras Systems Inc. (NASDAQ:CBRS) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Cerebras Systems, with nine buy ratings, one strong buy, two holds and one sell among 13 analysts. The average 12-month price target is $299.90.
• Recent analyst actions were generally positive: UBS raised its target to $330, Morgan Stanley increased its target to $279, and Craig Hallum initiated coverage with a $325 buy rating, while Mizuho trimmed its target to $300.
• Cerebras reported $209.87 million in quarterly revenue, up 74.3% year over year, but its $2.98 loss per share was significantly worse than the $0.21 consensus estimate. Insiders sold 1.43 million shares worth approximately $295.6 million during the last quarter.

Cerebras Systems Inc. (NASDAQ:CBRS - Get Free Report) has been given an average rating of "Moderate Buy" by the thirteen research firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $299.90.

Several research firms recently weighed in on CBRS. Morgan Stanley upped their price target on shares of Cerebras Systems from $273.00 to $279.00 and gave the stock an "overweight" rating in a research report on Thursday, August 13th. Craig Hallum assumed coverage on Cerebras Systems in a report on Monday, June 8th. They issued a "buy" rating and a $325.00 price objective on the stock. UBS Group boosted their price objective on Cerebras Systems from $320.00 to $330.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. Wall Street Zen raised Cerebras Systems from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Finally, Mizuho decreased their target price on Cerebras Systems from $310.00 to $300.00 and set an "outperform" rating on the stock in a research report on Thursday, August 13th.

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, Director Eric Vishria sold 68,268 shares of Cerebras Systems stock in a transaction on Monday, August 17th. The shares were sold at an average price of $229.77, for a total transaction of $15,685,938.36. Following the sale, the director owned 31,383 shares of the company's stock, valued at $7,210,871.91. The trade was a 68.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Dhiraj Mallick sold 38,889 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total transaction of $8,641,913.58. Following the sale, the chief operating officer directly owned 120,000 shares of the company's stock, valued at $26,666,400. The trade was a 24.48% 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 sold 1,432,179 shares of company stock worth $295,596,648 in the last quarter.

Hedge Funds Weigh In On Cerebras Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the business. IFP Advisors Inc purchased a new stake in Cerebras Systems during the 2nd quarter valued at about $169,000. Integrated Wealth Concepts LLC purchased a new position in Cerebras Systems in the 2nd quarter worth approximately $197,000. Corient Private Wealth LP acquired a new position in shares of Cerebras Systems during the 2nd quarter worth approximately $205,000. Tiger Pacific Capital LP acquired a new position in shares of Cerebras Systems during the 2nd quarter worth approximately $221,000. Finally, Carlson Financial Inc. purchased a new stake in shares of Cerebras Systems in the second quarter valued at approximately $322,000.

Cerebras Systems Stock Performance

Cerebras Systems stock opened at $184.03 on Wednesday. The company has a fifty day moving average of $201.83. Cerebras Systems has a 1 year low of $160.81 and a 1 year high of $386.34.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($2.77). The business had revenue of $209.87 million for the quarter. The company's revenue for the quarter was up 74.3% on a year-over-year basis. As a group, analysts forecast that Cerebras Systems will post -0.52 EPS for the current year.

About Cerebras Systems

Cerebras Systems develops specialized computing systems and software for artificial intelligence (AI) and machine-learning workloads. The company's technology is designed to accelerate the training and deployment of large AI models by combining high-performance processors, memory, networking and software into integrated computing platforms.

Its principal products include the Wafer-Scale Engine (WSE), a processor built on a single semiconductor wafer, and the CS-3 AI supercomputer, which is based on the company's wafer-scale architecture.

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