Yagnesh Patel Sells 6,079 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CAO Yagnesh Patel sold 6,079 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $171.53, for a total transaction of $1,042,730.87. Following the sale, the chief accounting officer directly owned 4,000 shares of the company’s stock, valued at $686,120. This represents a 60.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Friday, June 26th, Yagnesh Patel sold 3,954 shares of Cerebras Systems stock. The stock was sold at an average price of $174.03, for a total transaction of $688,114.62.
• 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 transaction of $8,710.56.

Cerebras Systems Stock Up 2.2%

NASDAQ:CBRS opened at $221.00 on Wednesday. Cerebras Systems Inc. has a 52 week low of $160.81 and a 52 week high of $386.34.

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

Key Cerebras Systems News

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CBRS shares. 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 on the stock. Barclays assumed coverage on Cerebras Systems in a research note on Monday, June 8th. They set an “overweight” rating and a $280.00 target price for the company. Morgan Stanley lifted their target price on Cerebras Systems from $250.00 to $273.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Zacks Research raised Cerebras Systems to a “hold” rating in a research note on Tuesday, June 9th. Finally, Citigroup assumed coverage on Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $340.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company 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.