Cerebras Systems (NASDAQ:CBRS) CTO Sean Lie Sells 10,033 Shares of Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CTO Sean Lie sold 10,033 shares of Cerebras Systems stock in a transaction that occurred 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 transaction, the chief technology officer owned 10,033 shares of the company’s stock, valued at $1,706,312.31. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Cerebras Systems Price Performance

Shares of NASDAQ:CBRS traded up $34.57 during trading hours on Monday, reaching $216.16. The stock had a trading volume of 13,221,676 shares, compared to its average volume of 8,107,127. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings data on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.10. The firm had revenue of $193.41 million for the quarter, compared to analysts’ expectations of $180.70 million.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Zacks Research upgraded Cerebras Systems to a “hold” rating in a report on Tuesday, June 9th. Morgan Stanley boosted their target price on Cerebras Systems from $250.00 to $273.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. TD Cowen began coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $275.00 price target for the company. Craig Hallum began coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $325.00 price target on the stock. Finally, Wedbush raised their price objective on shares of Cerebras Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. One 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $299.30.

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.