Cerebras Systems (NASDAQ:CBRS) CEO Sells $7,879,832.86 in Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CEO Andrew Feldman sold 37,441 shares of Cerebras Systems stock in a transaction on Friday, September 4th. The shares were sold at an average price of $210.46, for a total value of $7,879,832.86. Following the transaction, the chief executive officer directly owned 16,853 shares of the company’s stock, valued at approximately $3,546,882.38. The trade was a 68.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Cerebras Systems Stock Performance

CBRS opened at $191.34 on Friday. The stock has a 50-day moving average price of $202.15. Cerebras Systems Inc. has a twelve month low of $160.81 and a twelve month high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last announced its earnings results 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 for the quarter. The company’s revenue for the quarter was up 74.3% on a year-over-year basis. Analysts expect that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

Wall Street Analyst Weigh In

CBRS has been the subject of a number of research analyst reports. Zacks Research upgraded shares of Cerebras Systems to a “hold” rating in a research note on Tuesday, June 9th. Craig Hallum assumed coverage on Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $325.00 price target on the stock. Freedom Capital raised Cerebras Systems to a “hold” rating in a report on Monday, June 29th. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a research report on Wednesday, August 19th. Finally, Morgan Stanley boosted their price objective on Cerebras Systems from $273.00 to $279.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $299.90.

Hedge Funds Weigh In On Cerebras Systems

A number of institutional investors have recently modified their holdings of the stock. IFP Advisors Inc bought a new stake in shares of Cerebras Systems during the second quarter valued at approximately $169,000. Integrated Wealth Concepts LLC bought a new position in Cerebras Systems in the 2nd quarter worth approximately $197,000. Corient Private Wealth LP bought a new position in Cerebras Systems in the 2nd quarter worth approximately $205,000. Tiger Pacific Capital LP acquired a new position in Cerebras Systems during the 2nd quarter worth $221,000. Finally, Carlson Financial Inc. bought a new position in Cerebras Systems in the 2nd quarter valued at $322,000.

About Cerebras Systems

Cerebras Systems develops specialized computing systems and software for artificial intelligence (AI) and machine-learning workloads. The company’s technology is designed to accelerate the training and deployment of large AI models by combining high-performance processors, memory, networking and software into integrated computing platforms.

Its principal products include the Wafer-Scale Engine (WSE), a processor built on a single semiconductor wafer, and the CS-3 AI supercomputer, which is based on the company’s wafer-scale architecture.