Cerebras Systems (NASDAQ:CBRS) CTO Sean Lie Sells 10,033 Shares of Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CTO Sean Lie sold 10,033 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $170.07, for a total value of $1,706,312.31. Following the completion of the sale, the chief technology officer directly owned 10,033 shares of the company’s stock, valued at $1,706,312.31. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Cerebras Systems Stock Up 19.0%

Shares of Cerebras Systems stock traded up $34.57 during trading on Monday, reaching $216.16. The company’s stock had a trading volume of 13,221,676 shares, compared to its average volume of 8,107,127. Cerebras Systems Inc. has a fifty-two week low of $160.81 and a fifty-two week high of $386.34.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CBRS shares. Craig Hallum assumed coverage on shares of Cerebras Systems in a research note on Monday, June 8th. They set a “buy” rating and a $325.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, June 24th. Citigroup assumed coverage on Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $340.00 price objective for the company. Zacks Research upgraded Cerebras Systems to a “hold” rating in a research note on Tuesday, June 9th. Finally, UBS Group boosted their target price on Cerebras Systems from $300.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target 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.