Cerebras Systems (NASDAQ:CBRS) Director Sells $10,515,000.00 in Stock

Cerebras Systems Inc. (NASDAQ:CBRS) Director Steven Vassallo sold 50,000 shares of Cerebras Systems stock in a transaction on Friday, September 4th. The shares were sold at an average price of $210.30, for a total transaction of $10,515,000.00. Following the completion of the sale, the director owned 171,977 shares of the company’s stock, valued at $36,166,763.10. This represents a 22.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Steven Vassallo also recently made the following trade(s):

• On Friday, August 14th, Steven Vassallo sold 50,000 shares of Cerebras Systems stock. The shares were sold at an average price of $218.18, for a total transaction of $10,909,000.00.

Cerebras Systems Stock Down 2.5%

NASDAQ:CBRS opened at $191.34 on Friday. Cerebras Systems Inc. has a 12 month low of $160.81 and a 12 month high of $386.34. The business has a fifty day moving average of $202.15.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The firm 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. As a group, research analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Institutional Trading of Cerebras Systems

Several institutional investors and hedge funds have recently modified their holdings of the stock. Situational Awareness LP purchased a new stake in Cerebras Systems in the 2nd quarter valued at $2,210,000. Ratan Capital Management LP purchased a new position in Cerebras Systems during the 2nd quarter worth $4,641,000. Proficio Capital Partners LLC bought a new stake in shares of Cerebras Systems in the 2nd quarter worth $1,383,000. Value Aligned Research Advisors LLC purchased a new stake in shares of Cerebras Systems in the second quarter valued at about $241,934,000. Finally, Montanova Capital LLC purchased a new stake in shares of Cerebras Systems in the second quarter valued at about $37,990,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CBRS shares. Freedom Capital raised Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. Citigroup lowered their target price on Cerebras Systems from $340.00 to $320.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. UBS Group lifted their price target on shares of Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. TD Cowen began coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They set a “buy” rating and a $275.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, August 19th. One 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $299.90.

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.