Cerebras Systems (NASDAQ:CBRS) CEO Andrew Feldman Sells 237,559 Shares of Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CEO Andrew Feldman sold 237,559 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer owned 16,853 shares in the company, valued at approximately $3,358,297.31. This trade represents a 93.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Cerebras Systems Price Performance

NASDAQ:CBRS opened at $183.91 on Wednesday. The stock has a 50-day moving average price of $207.03. Cerebras Systems Inc. has a one year low of $160.81 and a one year high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The firm had revenue of $209.87 million during the quarter. Cerebras Systems’s quarterly revenue was up 74.3% on a year-over-year basis. On average, analysts predict that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CBRS. Citigroup decreased their price target on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a report on Thursday, August 13th. TD Cowen began coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They set a “buy” rating and a $275.00 price objective on the stock. UBS Group raised their target price on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Craig Hallum initiated coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $325.00 target price for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $299.90.

Institutional Trading of Cerebras Systems

Several hedge funds have recently bought and sold shares of the company. Readystate Asset Management LP bought a new stake in shares of Cerebras Systems during the second quarter valued at approximately $2,320,000. UNC Management Company Inc. bought a new stake in Cerebras Systems during the 2nd quarter valued at $4,439,000. Fortitude Advisory Group L.L.C. acquired a new position in Cerebras Systems during the 2nd quarter worth $705,000. Raiffeisen Bank International AG acquired a new position in Cerebras Systems during the 2nd quarter worth $4,323,000. Finally, Situational Awareness LP bought a new position in shares of Cerebras Systems in the second quarter worth $2,210,000.

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.