Cerebras Systems (NASDAQ:CBRS) Trading 2.3% Higher – Here’s What Happened

Cerebras Systems Inc. (NASDAQ:CBRS) shares traded up 2.3% on Monday . The company traded as high as $181.94 and last traded at $176.88. Approximately 4,253,864 shares changed hands during trading, a decline of 41% from the average session volume of 7,186,593 shares. The stock had previously closed at $172.86.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Citigroup began coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $340.00 price objective on the stock. Freedom Capital upgraded shares of Cerebras Systems to a “hold” rating in a report on Monday, June 29th. Mizuho assumed coverage on Cerebras Systems in a research report on Monday, June 8th. They issued an “outperform” rating and a $300.00 target price on the stock. UBS Group upped their price target on Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, TD Cowen began coverage on Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $275.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $299.30.

Cerebras Systems Stock Up 2.3%

The stock’s 50-day moving average price is $222.91.

Cerebras Systems (NASDAQ:CBRS) last issued its quarterly earnings results 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 business had revenue of $193.41 million for the quarter, compared to analyst estimates of $180.70 million.

Insider Buying and Selling at Cerebras Systems

In other Cerebras Systems news, CAO Yagnesh Patel sold 6,079 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $171.53, for a total value of $1,042,730.87. Following the completion of the transaction, the chief accounting officer owned 4,000 shares of the company’s stock, valued at $686,120. This trade represents a 60.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew D. Feldman sold 17,990 shares of the business’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $173.06, for a total transaction of $3,113,349.40. Following the completion of the transaction, the chief executive officer owned 17,990 shares of the company’s stock, valued at approximately $3,113,349.40. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 117,547 shares of company stock worth $20,676,799.

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.