Cerebras Systems (NASDAQ:CBRS) CEO Andrew Feldman Sells 17,990 Shares of Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CEO Andrew Feldman sold 17,990 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $173.06, for a total value of $3,113,349.40. Following the transaction, the chief executive officer directly owned 17,990 shares in the company, valued at approximately $3,113,349.40. This trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Cerebras Systems Stock Performance

NASDAQ:CBRS traded up $34.57 on Monday, hitting $216.16. The company’s stock had a trading volume of 13,221,676 shares, compared to its average volume of 8,107,127. Cerebras Systems Inc. has a one year low of $160.81 and a one year high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last issued its earnings results on Tuesday, June 23rd. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.10. The business had revenue of $193.41 million for the quarter, compared to the consensus estimate of $180.70 million.

Wall Street Analyst Weigh In

Several research firms have commented on CBRS. Craig Hallum began coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $325.00 price objective on the stock. Wall Street Zen upgraded shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 21st. TD Cowen initiated coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $275.00 price target on the stock. Zacks Research raised shares of Cerebras Systems to a “hold” rating in a report on Tuesday, June 9th. Finally, Wedbush raised their price objective on shares of Cerebras Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $299.30.

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.