Andrew Feldman Sells 237,559 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CEO Andrew Feldman sold 237,559 shares of Cerebras Systems stock in a transaction on Friday, August 21st. The shares were sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the transaction, the chief executive officer owned 16,853 shares in the company, valued at $3,358,297.31. The trade was a 93.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Cerebras Systems Price Performance

Shares of Cerebras Systems stock opened at $182.15 on Thursday. Cerebras Systems Inc. has a twelve month low of $160.81 and a twelve month high of $386.34. The business’s fifty day simple moving average is $206.40.

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

Analyst Ratings Changes

CBRS has been the subject of a number of analyst reports. TD Cowen initiated coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $275.00 price target for the company. Citigroup reduced their target price on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Wedbush upped their target price on shares of Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. UBS Group raised their price target on shares of Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Finally, Weiss Ratings assumed coverage on shares of Cerebras Systems in a research note on Thursday, August 13th. They set a “sell (d)” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cerebras Systems has an average rating of “Moderate Buy” and an average target price of $299.90.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Tiger Pacific Capital LP acquired a new stake in Cerebras Systems during the 2nd quarter valued at approximately $221,000. Carlson Financial Inc. acquired a new position in shares of Cerebras Systems in the 2nd quarter valued at approximately $322,000. TD Waterhouse Canada Inc. purchased a new position in shares of Cerebras Systems during the 2nd quarter valued at approximately $630,000. Fortitude Advisory Group L.L.C. acquired a new stake in shares of Cerebras Systems during the second quarter worth approximately $705,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Cerebras Systems during the second quarter worth approximately $1,383,000.

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.