Andrew Feldman Sells 37,441 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CEO Andrew Feldman sold 37,441 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $210.46, for a total transaction of $7,879,832.86. Following the completion of the transaction, the chief executive officer owned 16,853 shares in the company, valued at approximately $3,546,882.38. This represents a 68.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Cerebras Systems Price Performance

Shares of NASDAQ:CBRS traded down $10.28 during midday trading on Tuesday, reaching $199.77. 7,976,216 shares of the company’s stock traded hands, compared to its average volume of 8,364,061. Cerebras Systems Inc. has a one year low of $160.81 and a one year high of $386.34. The stock’s 50 day moving average price is $202.92.

Cerebras Systems (NASDAQ:CBRS) last issued its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The company had revenue of $209.87 million for the quarter. Cerebras Systems’s revenue was up 74.3% on a year-over-year basis. On average, sell-side analysts anticipate that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Mizuho lowered their price target on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock 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 for the company. Needham & Company LLC restated a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a research report on Wednesday, August 19th. Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, UBS Group upped their target price on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Cerebras Systems has an average rating of “Moderate Buy” and an average price target of $299.90.

Institutional Investors Weigh In On Cerebras Systems

A number of hedge funds have recently bought and sold shares of the business. Waverly Advisors LLC purchased a new position in Cerebras Systems in the second quarter worth about $1,539,000. Allianz Asset Management GmbH purchased a new stake in Cerebras Systems during the second quarter valued at approximately $508,000. Corient Private Wealth LP bought a new stake in shares of Cerebras Systems in the 2nd quarter valued at approximately $205,000. Carlson Financial Inc. purchased a new position in shares of Cerebras Systems in the 2nd quarter worth approximately $322,000. Finally, Readystate Asset Management LP purchased a new position in shares of Cerebras Systems in the 2nd quarter worth approximately $2,320,000.

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.