Cerebras Systems (NASDAQ:CBRS) Shares Up 6.1% – Still a Buy?

Cerebras Systems Inc. (NASDAQ:CBRS)’s stock price shot up 6.1% during trading on Wednesday . The stock traded as high as $180.83 and last traded at $183.1830. Approximately 1,684,139 shares were traded during mid-day trading, a decline of 76% from the average session volume of 7,119,898 shares. The stock had previously closed at $172.62.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. UBS Group upped their target price on Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Freedom Capital raised Cerebras Systems to a “hold” rating in a report on Monday, June 29th. Zacks Research raised Cerebras Systems to a “hold” rating in a report on Tuesday, June 9th. Finally, Craig Hallum started coverage on Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $325.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Trading Up 3.2%

The firm’s 50-day moving average price is $202.90.

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 the consensus estimate of ($0.21) by ($2.77). The company had revenue of $209.87 million for the quarter. The business’s revenue for the quarter was up 74.3% on a year-over-year basis. Research analysts expect that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at Cerebras Systems

In related news, CEO Andrew Feldman sold 237,559 shares of the business’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 completion of the sale, the chief executive officer directly owned 16,853 shares in the company, valued at approximately $3,358,297.31. The trade was a 93.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $15,685,938.36. Following the sale, the director directly owned 31,383 shares in the company, valued at approximately $7,210,871.91. This trade represents a 68.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,291,278 shares of company stock valued at $265,966,662.

Institutional Investors Weigh In On Cerebras Systems

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Ratan Capital Management LP acquired a new position in Cerebras Systems during the second quarter worth $4,641,000. Proficio Capital Partners LLC acquired a new stake in shares of Cerebras Systems in the 2nd quarter worth $1,383,000. Value Aligned Research Advisors LLC purchased a new position in shares of Cerebras Systems during the 2nd quarter worth $241,934,000. Montanova Capital LLC purchased a new position in shares of Cerebras Systems during the 2nd quarter worth $37,990,000. Finally, Wellington Management Group LLP purchased a new stake in shares of Cerebras Systems in the second quarter valued at about $194,853,000.

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.