Cerebras Systems (NASDAQ:CBRS) COO Sells 36,131 Shares of Stock

Cerebras Systems Inc. (NASDAQ:CBRS) COO Dhiraj Mallick sold 36,131 shares of the business’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $169.28, for a total transaction of $6,116,255.68. Following the completion of the transaction, the chief operating officer owned 33,314 shares in the company, valued at approximately $5,639,393.92. The trade was a 52.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dhiraj Mallick also recently made the following trade(s):

• On Friday, June 26th, Dhiraj Mallick sold 20,000 shares of Cerebras Systems stock. The stock was sold at an average price of $173.73, for a total value of $3,474,600.00.
• On Thursday, June 25th, Dhiraj Mallick sold 13,314 shares of Cerebras Systems stock. The shares were sold at an average price of $184.89, for a total value of $2,461,625.46.

Cerebras Systems Trading Up 19.0%

CBRS stock traded up $34.57 during mid-day trading on Monday, reaching $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 12 month low of $160.81 and a 12 month high of $386.34.

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

Analysts Set New Price Targets

CBRS has been the subject of several research reports. Wedbush raised their target price on Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. Craig Hallum initiated coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $325.00 price target on the stock. Wall Street Zen raised Cerebras Systems from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 21st. Mizuho began coverage on Cerebras Systems in a report on Monday, June 8th. They set an “outperform” rating and a $300.00 price objective for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus 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.