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

Cerebras Systems Inc. (NASDAQ:CBRS – Get Free Report) CEO Andrew Feldman sold 17,990 shares of the business’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $173.06, for a total transaction of $3,113,349.40. Following the completion of the sale, the chief executive officer directly owned 17,990 shares of the company’s stock, valued at $3,113,349.40. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Cerebras Systems Stock Performance

Shares of NASDAQ:CBRS traded up $34.57 on Monday, reaching $216.16. 13,221,676 shares of the company’s stock were exchanged, 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.

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Cerebras Systems (NASDAQ:CBRS – Get Free Report) last released its quarterly earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates 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.

Analyst Ratings Changes

A number of analysts have recently weighed in on CBRS shares. TD Cowen assumed coverage on Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $275.00 target price for the company. Wall Street Zen raised shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 21st. Zacks Research upgraded shares of Cerebras Systems to a “hold” rating in a research note on Tuesday, June 9th. Barclays began coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued an “overweight” rating and a $280.00 target price on the stock. Finally, Morgan Stanley boosted their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Cerebras Systems currently has a consensus rating of “Buy” and a consensus target price of $299.30.

Check Out Our Latest Stock Report on CBRS

About Cerebras Systems

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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.

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