Cerebras Systems (NASDAQ:CBRS) Stock Price Up 1.7% – Should You Buy?

Cerebras Systems Inc. (NASDAQ:CBRS)’s share price was up 1.7% on Friday. The company traded as high as $114.65 and last traded at $110.82. Approximately 7,564,544 shares were traded during mid-day trading, a decline of 0% from the average session volume of 7,573,979 shares. The stock had previously closed at $108.94.

Wall Street Analyst Weigh In

Several brokerages have commented on CBRS. Wall Street Zen upgraded Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Freedom Capital upgraded Cerebras Systems from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Jefferies Financial Group raised Cerebras Systems to an “outperform” rating in a research note on Monday, October 5th. Wedbush boosted their target price on Cerebras Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Thursday, August 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $289.90.

Cerebras Systems Trading Up 1.7%

The company has a quick ratio of 5.80, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average of $181.84. The company has a market capitalization of $26.33 billion and a PE ratio of -1,385.25.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings results 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 company had revenue of $209.87 million for the quarter. The company’s revenue for the quarter was up 74.3% compared to the same quarter last year. As a group, research analysts forecast that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Insider Buying and Selling

In other news, Director Steven Vassallo sold 50,000 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $210.30, for a total transaction of $10,515,000.00. Following the completion of the transaction, the director directly owned 171,977 shares in the company, valued at approximately $36,166,763.10. This represents a 22.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Feldman sold 237,559 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the sale, the chief executive officer directly owned 16,853 shares of the company’s stock, valued at $3,358,297.31. The trade was a 93.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,864,452 shares of company stock worth $387,680,754 over the last 90 days.

Hedge Funds Weigh In On Cerebras Systems

Several large investors have recently added to or reduced their stakes in CBRS. Frank Rimerman Advisors LLC lifted its position in shares of Cerebras Systems by 3,681.7% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 56,271 shares of the company’s stock worth $9,997,000 after buying an additional 54,783 shares during the last quarter. ICG Advisors LLC boosted its stake in Cerebras Systems by 179.9% in the third quarter. ICG Advisors LLC now owns 15,000 shares of the company’s stock valued at $2,665,000 after acquiring an additional 9,641 shares during the period. NFSG Corp raised its position in shares of Cerebras Systems by 1,483.7% during the 3rd quarter. NFSG Corp now owns 8,821 shares of the company’s stock worth $1,567,000 after purchasing an additional 8,264 shares during the period. Cohen Capital Management Inc. acquired a new stake in shares of Cerebras Systems during the 3rd quarter worth approximately $1,444,000. Finally, State Street Corp bought a new stake in shares of Cerebras Systems in the 2nd quarter worth approximately $105,343,000.

Cerebras Systems Company Profile

Cerebras Systems is a technology company that develops specialized computing systems for artificial intelligence and high-performance computing. Its core product is the Wafer-Scale Engine, a processor designed to provide large-scale computing capacity and high-speed data movement for training and running AI models.

The company offers integrated AI computing systems, including the Cerebras CS series, which combines its wafer-scale processors with supporting hardware and software. Cerebras also provides access to its technology through cloud-based services, enabling businesses, research organizations and other users to develop and deploy AI applications without operating the underlying systems themselves.

Founded in 2015 and headquartered in Sunnyvale, California, Cerebras serves customers in sectors such as technology, government, scientific research and other data-intensive industries.