Cerebras Systems (NASDAQ:CBRS) CTO Sean Lie Sells 53,460 Shares of Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CTO Sean Lie sold 53,460 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $210.16, for a total transaction of $11,235,153.60. Following the completion of the transaction, the chief technology officer directly owned 345,569 shares of the company’s stock, valued at approximately $72,624,781.04. This trade represents a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Sean Lie also recently made the following trade(s):

• On Thursday, August 20th, Sean Lie sold 710,247 shares of Cerebras Systems stock. The shares were sold at an average price of $207.86, for a total transaction of $147,631,941.42.
• On Friday, August 21st, Sean Lie sold 16,293 shares of Cerebras Systems stock. The stock was sold at an average price of $210.01, for a total value of $3,421,692.93.
• On Tuesday, August 18th, Sean Lie sold 21,257 shares of Cerebras Systems stock. The stock was sold at an average price of $222.22, for a total value of $4,723,730.54.
• On Thursday, June 25th, Sean Lie sold 10,033 shares of Cerebras Systems stock. The stock was sold at an average price of $170.07, for a total value of $1,706,312.31.

Cerebras Systems Stock Performance

Shares of NASDAQ CBRS traded down $10.28 during mid-day trading on Tuesday, hitting $199.77. The company had a trading volume of 7,976,216 shares, compared to its average volume of 8,364,061. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34. The business’s 50-day simple moving average is $202.92.

Cerebras Systems (NASDAQ:CBRS) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The company had revenue of $209.87 million during the quarter. The business’s revenue was up 74.3% compared to the same quarter last year. On average, sell-side analysts predict that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Hedge Funds Weigh In On Cerebras Systems

A number of institutional investors have recently made changes to their positions in CBRS. Value Aligned Research Advisors LLC bought a new stake in shares of Cerebras Systems during the 2nd quarter worth $241,934,000. Wellington Management Group LLP bought a new position in Cerebras Systems in the second quarter valued at $194,853,000. Montanova Capital LLC purchased a new stake in Cerebras Systems during the second quarter valued at about $37,990,000. Bank of New York Mellon Corp bought a new stake in Cerebras Systems during the second quarter worth about $6,118,000. Finally, Ratan Capital Management LP bought a new stake in Cerebras Systems during the second quarter worth about $4,641,000.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Craig Hallum initiated coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $325.00 price objective for the company. UBS Group upped their target price on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Barclays assumed coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They issued an “overweight” rating and a $280.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, August 19th. Finally, Citigroup reduced their price target on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Cerebras Systems has an average rating of “Moderate Buy” and an average target price of $299.90.

Cerebras Systems Company Profile

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.