Cerebras Systems (NASDAQ:CBRS) Rating Increased to Hold at Freedom Capital

Freedom Capital upgraded shares of Cerebras Systems (NASDAQ:CBRS) to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other brokerages have also recently weighed in on CBRS. Citigroup began coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $340.00 price target on the stock. Zacks Research upgraded shares of Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. UBS Group lifted their target price on shares of Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Wedbush boosted their target price on shares of Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Finally, Mizuho assumed coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They issued an “outperform” rating and a $300.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $299.30.

Cerebras Systems Stock Up 2.2%

Shares of Cerebras Systems stock opened at $221.00 on Monday. Cerebras Systems has a one year low of $160.81 and a one year high of $386.34.

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

Insider Activity at Cerebras Systems

In related news, CEO Andrew D. Feldman sold 17,990 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $173.06, for a total transaction of $3,113,349.40. Following the completion of the transaction, the chief executive officer owned 17,990 shares of the company’s stock, valued at approximately $3,113,349.40. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 Cerebras Systems stock in a transaction that occurred 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 of the company’s stock, valued at $686,120. This trade represents a 60.31% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders 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.

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.