Cerebras Systems Inc. (NASDAQ:CBRS) Stock Has Consensus Price Target of $299.90 According to Analysts

Cerebras Systems Inc. (NASDAQ:CBRS) has received a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, ten have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $299.90.

A number of brokerages recently commented on CBRS. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, August 19th. Freedom Capital upgraded Cerebras Systems from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Weiss Ratings cut Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, September 25th. UBS Group increased their target price on Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Finally, Jefferies Financial Group upgraded Cerebras Systems to an “outperform” rating in a report on Monday, October 5th.

Cerebras Systems Price Performance

Shares of CBRS stock opened at $127.21 on Friday. Cerebras Systems has a one year low of $126.05 and a one year high of $386.34. The company has a market cap of $30.22 billion and a P/E ratio of -1,590.12. The stock has a 50-day moving average of $191.68. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 5.80.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) EPS for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The business had revenue of $209.87 million during the quarter. The company’s revenue was up 74.3% on a year-over-year basis. On average, research analysts expect that Cerebras Systems will post -0.52 EPS for the current fiscal year.

Insider Activity

In other Cerebras Systems news, COO Dhiraj Mallick sold 396,000 shares of Cerebras Systems stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $204.04, for a total value of $80,799,840.00. Following the transaction, the chief operating officer owned 396,000 shares in the company, valued at $80,799,840. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sean Lie sold 120,000 shares of Cerebras Systems stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $208.97, for a total value of $25,076,400.00. Following the completion of the transaction, the chief technology officer owned 309,569 shares in the company, valued at $64,690,633.93. This trade represents a 27.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,864,452 shares of company stock worth $387,680,754 over the last ninety days.

Institutional Trading of Cerebras Systems

Several hedge funds have recently modified their holdings of the company. Value Aligned Research Advisors LLC bought a new stake in shares of Cerebras Systems in the 2nd quarter valued at about $241,934,000. Wellington Management Group LLP bought a new position in shares of Cerebras Systems during the 2nd quarter worth approximately $194,853,000. State Street Corp bought a new position in shares of Cerebras Systems during the 2nd quarter worth approximately $105,343,000. Dragoneer Investment Group LLC purchased a new stake in Cerebras Systems during the second quarter valued at approximately $88,400,000. Finally, Montanova Capital LLC purchased a new stake in Cerebras Systems during the second quarter valued at approximately $37,990,000.

About Cerebras Systems

Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and deploying large AI models. The company’s technology is designed to address the computational demands of generative AI, deep learning and other data-intensive workloads.

Its core products include the Wafer-Scale Engine, a purpose-built AI processor produced on a single silicon wafer, and the CS-3 AI supercomputer, which incorporates that processor into an integrated computing system.