Insider Selling: Cerebras Systems (NASDAQ:CBRS) CAO Sells 3,954 Shares

Cerebras Systems Inc. (NASDAQ:CBRS) CAO Yagnesh Patel sold 3,954 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $174.03, for a total value of $688,114.62. Following the completion of the transaction, the chief accounting officer directly owned 3,954 shares in the company, valued at approximately $688,114.62. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Yagnesh Patel also recently made the following trade(s):

• On Thursday, June 25th, Yagnesh Patel sold 6,079 shares of Cerebras Systems stock. The stock was sold at an average price of $171.53, for a total value of $1,042,730.87.
• On Thursday, June 25th, Yagnesh Patel sold 46 shares of Cerebras Systems stock. The shares were sold at an average price of $189.36, for a total transaction of $8,710.56.

Cerebras Systems Price Performance

CBRS traded up $34.57 during trading on Monday, hitting $216.16. The stock had a trading volume of 13,221,676 shares, compared to its average volume of 8,107,127. 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 quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.10. The firm had revenue of $193.41 million for the quarter, compared to analysts’ expectations of $180.70 million.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CBRS. Morgan Stanley raised their price objective on shares of Cerebras Systems from $250.00 to $273.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Craig Hallum assumed coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $325.00 target price on the stock. Wall Street Zen raised shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 21st. TD Cowen assumed coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $275.00 price target for the company. Finally, Wedbush lifted their price target on shares of Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $299.30.

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.