Cerebras Systems Inc. (NASDAQ:CBRS – Get Free Report) gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $216.16, but opened at $204.52. Cerebras Systems shares last traded at $204.4520, with a volume of 1,662,965 shares.
Specifically, CTO Sean Lie sold 10,033 shares of Cerebras Systems stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $170.07, for a total transaction of $1,706,312.31. Following the completion of the sale, the chief technology officer owned 10,033 shares of the company’s stock, valued at approximately $1,706,312.31. This trade represents a 50.00% decrease in their ownership of the stock. 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. Also, CEO Andrew D. 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 value of $3,113,349.40. Following the completion of the transaction, the chief executive officer owned 17,990 shares in the company, valued at $3,113,349.40. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In other Cerebras Systems news, CAO Yagnesh Patel sold 6,079 shares of the company’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $171.53, for a total value of $1,042,730.87. Following the transaction, the chief accounting officer directly owned 4,000 shares of the company’s stock, valued at $686,120. This represents a 60.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the company. Wedbush boosted their price target on Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a research note on Sunday, June 21st. Citigroup started coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They set a “buy” rating and a $340.00 price target on the stock. Finally, Craig Hallum started coverage on shares of Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $325.00 price target on the stock. One 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 company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $299.30.
Cerebras Systems News Summary
Here are the key news stories impacting Cerebras Systems this week:
- Positive Sentiment: Cerebras’ recent earnings beat appears to be the main catalyst: the company reported a smaller-than-expected loss and revenue above estimates, reinforcing the idea that demand for its AI infrastructure products remains strong.
- Positive Sentiment: Analysts have largely turned more constructive, with multiple firms reiterating Buy/Outperform ratings and raising price targets, which may be supporting investor confidence in CBRS.
- Positive Sentiment: Unusual options activity also points to rising speculation, with traders buying far more call options than normal, suggesting some investors are betting on further upside.
- Neutral Sentiment: Some commentary highlighted Cerebras as an appealing AI growth story despite recent volatility, with longer-term upside tied to OpenAI, AWS, and broader AI inference demand. Cerebras: Gets Appealing Below IPO Price
- Negative Sentiment: Recent insider selling by multiple executives, including the CEO, CTO, COO, and CAO, may be weighing on sentiment even though the filings say the sales were mainly for tax withholding tied to equity vesting.
- Negative Sentiment: A legal-news headline about a fraud investigation could create caution among investors, although no wrongdoing has been established.
Cerebras Systems Trading Down 3.8%
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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The firm had revenue of $193.41 million for the quarter, compared to the consensus estimate of $180.70 million.
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.
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