Cerebras Systems (NASDAQ:CBRS) Director Steven Vassallo Sells 50,000 Shares

Cerebras Systems Inc. (NASDAQ:CBRS – Get Free Report) Director Steven Vassallo sold 50,000 shares of the firm’s 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 transaction, the director owned 171,977 shares in the company, valued at $36,166,763.10. The trade was a 22.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

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

Cerebras Systems Price Performance

CBRS stock traded down $10.28 during mid-day trading on Tuesday, reaching $199.77. 7,976,216 shares of the stock traded hands, compared to its average volume of 8,364,061. The stock has a 50-day simple moving average of $202.92. Cerebras Systems Inc. has a 52 week low of $160.81 and a 52 week high of $386.34.

Cerebras Systems (NASDAQ:CBRS – Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The firm had revenue of $209.87 million during the quarter. Cerebras Systems’s quarterly revenue was up 74.3% on a year-over-year basis. Equities analysts expect that Cerebras Systems Inc. will post -0.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CBRS shares. Morgan Stanley upped their price target on Cerebras Systems from $273.00 to $279.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Weiss Ratings began coverage on shares of Cerebras Systems in a research note on Thursday, August 13th. They issued a “sell (d)” rating on the stock. Barclays began coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set an “overweight” rating and a $280.00 target price on the stock. TD Cowen assumed coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They set a “buy” rating and a $275.00 target price for the company. Finally, Citigroup reduced their price target on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a report on Thursday, August 13th. One investment 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 given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $299.90.

Read Our Latest Stock Report on CBRS

Institutional Trading of Cerebras Systems

A number of institutional investors and hedge funds have recently modified their holdings of the company. Corient Private Wealth LP acquired a new position in shares of Cerebras Systems in the second quarter valued at $205,000. Tiger Pacific Capital LP bought a new stake in Cerebras Systems in the 2nd quarter valued at $221,000. Carlson Financial Inc. bought a new stake in Cerebras Systems in the 2nd quarter valued at $322,000. Allianz Asset Management GmbH acquired a new position in shares of Cerebras Systems in the 2nd quarter valued at $508,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of Cerebras Systems during the 2nd quarter worth about $630,000.

Cerebras Systems Company Profile

(Get Free Report)

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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