Cerebras Systems Inc. (NASDAQ:CBRS - Get Free Report) CEO Andrew Feldman sold 237,559 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $199.27, for a total value of $47,338,381.93. Following the sale, the chief executive officer directly owned 16,853 shares in the company, valued at approximately $3,358,297.31. The trade was a 93.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Cerebras Systems Price Performance
Shares of NASDAQ CBRS opened at $183.91 on Wednesday. The firm's fifty day moving average price is $207.03. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34.
Cerebras Systems (NASDAQ:CBRS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The firm had revenue of $209.87 million during the quarter. The business's revenue for the quarter was up 74.3% on a year-over-year basis. Equities research analysts forecast that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the stock. Citigroup reduced their price objective on shares of Cerebras Systems from $340.00 to $320.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Zacks Research upgraded shares of Cerebras Systems to a "hold" rating in a report on Tuesday, June 9th. Morgan Stanley increased their target price on shares of Cerebras Systems from $273.00 to $279.00 and gave the company an "overweight" rating in a research note on Thursday, August 13th. Weiss Ratings began coverage on Cerebras Systems in a research report on Thursday, August 13th. They set a "sell (d)" rating for the company. Finally, Barclays started coverage on Cerebras Systems in a research note on Monday, June 8th. They set an "overweight" rating and a $280.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cerebras Systems presently has a consensus rating of "Moderate Buy" and an average price target of $299.90.
Get Our Latest Research Report on CBRS
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Tiger Pacific Capital LP acquired a new position in Cerebras Systems in the 2nd quarter worth approximately $221,000. Carlson Financial Inc. purchased a new position in Cerebras Systems during the 2nd quarter worth approximately $322,000. TD Waterhouse Canada Inc. acquired a new stake in Cerebras Systems during the 2nd quarter valued at $630,000. Fortitude Advisory Group L.L.C. acquired a new stake in Cerebras Systems during the 2nd quarter valued at $705,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Cerebras Systems in the second quarter valued at $1,383,000.
About Cerebras Systems
(
Get Free Report)
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.
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