Yagnesh Patel Sells 3,954 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CAO Yagnesh Patel sold 3,954 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $174.03, for a total value of $688,114.62. Following the transaction, the chief accounting officer directly owned 3,954 shares of the company’s stock, valued at approximately $688,114.62. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Yagnesh Patel also recently made the following trade(s):

• On Thursday, June 25th, Yagnesh Patel sold 6,079 shares of Cerebras Systems stock. The stock was sold at an average price of $171.53, for a total value of $1,042,730.87.
• On Thursday, June 25th, Yagnesh Patel sold 46 shares of Cerebras Systems stock. The stock was sold at an average price of $189.36, for a total value of $8,710.56.

Cerebras Systems Price Performance

NASDAQ CBRS opened at $221.00 on Wednesday. Cerebras Systems Inc. has a one year low of $160.81 and a one year high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.10. The business had revenue of $193.41 million during the quarter, compared to the consensus estimate of $180.70 million.

Cerebras Systems News Summary

Here are the key news stories impacting Cerebras Systems this week:

• Positive Sentiment: Unusual call option buying pointed to rising speculative interest in Cerebras Systems (CBRS), which can support the stock as traders bet on more upside.
• Positive Sentiment: Recent media coverage highlighted Cerebras as one of the “best new stocks to buy,” reinforcing investor attention around the AI chipmaker. Here’s Why Cerebras (CBRS) is Among the 10 Best New Stocks to Buy Other Than SpaceX
• Positive Sentiment: The company’s latest earnings beat expectations, with revenue and EPS both coming in better than analysts expected, which remains a key reason for the stock’s recent strength.
• Neutral Sentiment: Several analysts recently raised price targets and reiterated bullish ratings on CBRS, which helps sentiment but does not by itself change fundamentals.
• Negative Sentiment: A series of insider sales by the CEO, CTO, COO, and CAO may pressure sentiment, even though the company said the sales were tied to tax withholding on vested equity awards.
• Negative Sentiment: A law firm’s investor alert about possible claims involving Cerebras adds some caution, though no wrongdoing has been established. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Cerebras Systems Inc. – CBRS

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CBRS. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, June 24th. Mizuho started coverage on Cerebras Systems in a research note on Monday, June 8th. They issued an “outperform” rating and a $300.00 price objective for the company. Barclays assumed coverage on Cerebras Systems in a report on Monday, June 8th. They issued an “overweight” rating and a $280.00 target price for the company. Morgan Stanley boosted their target price on Cerebras Systems from $250.00 to $273.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Finally, Craig Hallum began coverage on Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $325.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $299.30.

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.