Cerebras Systems (NASDAQ:CBRS) Stock Gets Price Target Cut from TD Cowen

Cerebras Systems (NASDAQ:CBRS) had its price objective dropped by equities research analysts at TD Cowen from $275.00 to $175.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 45.04% from the company’s current price.

A number of other research analysts have also weighed in on CBRS. UBS Group boosted their target price on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, August 19th. Jefferies Financial Group upgraded Cerebras Systems to an “outperform” rating in a research note on Monday, October 5th. Weiss Ratings cut Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, September 25th. Finally, Wedbush boosted their price objective on Cerebras Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $289.90.

Cerebras Systems Trading Down 5.1%

Shares of Cerebras Systems stock opened at $120.66 on Monday. The business has a fifty day moving average price of $189.49. 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 has a 1-year low of $120.12 and a 1-year high of $386.34. The firm has a market capitalization of $28.66 billion and a PE ratio of -1,508.25.

Cerebras Systems (NASDAQ:CBRS) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) 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 quarterly revenue was up 74.3% compared to the same quarter last year. As a group, research analysts predict that Cerebras Systems will post -0.52 earnings per share for the current year.

Insider Buying and Selling at Cerebras Systems

In other news, CEO Andrew D. Feldman sold 237,559 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the transaction, the chief executive officer owned 16,853 shares in the company, valued at approximately $3,358,297.31. The trade was a 93.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Sean Lie sold 710,247 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $207.86, for a total transaction of $147,631,941.42. Following the transaction, the chief technology officer directly owned 368,926 shares of the company’s stock, valued at $76,684,958.36. This represents a 65.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,864,452 shares of company stock valued at $387,680,754 in the last three months.

Institutional Investors Weigh In On Cerebras Systems

A number of institutional investors have recently added to or reduced their stakes in CBRS. Wealth Enhancement Trust Services Inc. bought a new stake in shares of Cerebras Systems during the third quarter valued at approximately $26,000. GK Wealth Management LLC acquired a new position in shares of Cerebras Systems in the third quarter valued at $31,000. Silicon Valley Capital Partners bought a new position in Cerebras Systems in the second quarter worth $44,000. Mather Group LLC. bought a new position in Cerebras Systems in the third quarter worth $44,000. Finally, CoreCap Advisors LLC bought a new position in Cerebras Systems in the third quarter worth $52,000.

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.