Dhiraj Mallick Sells 20,000 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) COO Dhiraj Mallick sold 20,000 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $173.73, for a total value of $3,474,600.00. Following the completion of the transaction, the chief operating officer owned 33,130 shares in the company, valued at $5,755,674.90. This represents a 37.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Dhiraj Mallick also recently made the following trade(s):

• On Thursday, June 25th, Dhiraj Mallick sold 36,131 shares of Cerebras Systems stock. The shares were sold at an average price of $169.28, for a total transaction of $6,116,255.68.
• On Thursday, June 25th, Dhiraj Mallick sold 13,314 shares of Cerebras Systems stock. The stock was sold at an average price of $184.89, for a total transaction of $2,461,625.46.

Cerebras Systems Stock Performance

Shares of CBRS traded up $34.57 during mid-day trading on Monday, hitting $216.16. 13,221,676 shares of the company’s stock were exchanged, compared to its average volume of 8,107,127. Cerebras Systems Inc. has a twelve month low of $160.81 and a twelve month high of $386.34.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. 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. UBS Group increased their price objective on Cerebras Systems from $300.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Citigroup started coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $340.00 price objective on the stock. TD Cowen started coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $275.00 target price for the company. Finally, Mizuho initiated coverage on Cerebras Systems in a research report on Monday, June 8th. They set an “outperform” rating and a $300.00 target price for the company. 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. Based on data from MarketBeat, Cerebras Systems presently has a consensus rating of “Buy” and a consensus 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.