Cerebras Systems (NASDAQ:CBRS) CEO Sells $47,338,381.93 in Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CEO Andrew Feldman sold 237,559 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the completion of the transaction, the chief executive officer directly owned 16,853 shares of the company’s stock, valued at $3,358,297.31. This represents a 93.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cerebras Systems Price Performance

NASDAQ:CBRS opened at $186.67 on Friday. Cerebras Systems Inc. has a 52 week low of $160.81 and a 52 week high of $386.34. The stock has a fifty day simple moving average of $205.43.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings data 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 firm had revenue of $209.87 million during the quarter. The firm’s revenue for the quarter 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 fiscal year.

Hedge Funds Weigh In On Cerebras Systems

Hedge funds have recently added to or reduced their stakes in the stock. Value Aligned Research Advisors LLC purchased a new stake in shares of Cerebras Systems during the 2nd quarter worth approximately $241,934,000. Wellington Management Group LLP purchased a new position in shares of Cerebras Systems in the 2nd quarter valued at $194,853,000. Montanova Capital LLC purchased a new position in shares of Cerebras Systems in the 2nd quarter valued at $37,990,000. Bank of New York Mellon Corp acquired a new stake in Cerebras Systems during the 2nd quarter worth $6,118,000. Finally, Ratan Capital Management LP acquired a new stake in Cerebras Systems during the 2nd quarter worth $4,641,000.

Analysts Set New Price Targets

A number of brokerages have recently commented on CBRS. Freedom Capital raised Cerebras Systems to a “hold” rating in a research report on Monday, June 29th. UBS Group raised their target price on shares of Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Zacks Research upgraded shares of Cerebras Systems to a “hold” rating in a research note on Tuesday, June 9th. Craig Hallum assumed coverage on shares of Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $325.00 price target for the company. Finally, Citigroup dropped their price objective on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Cerebras Systems presently has an average rating of “Moderate Buy” and an average target price of $299.90.

About Cerebras Systems

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.