Insider Selling: Cerebras Systems (NASDAQ:CBRS) COO Sells 20,000 Shares of Stock

Cerebras Systems Inc. (NASDAQ:CBRS) COO Dhiraj Mallick sold 20,000 shares of Cerebras Systems stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $173.73, for a total value of $3,474,600.00. Following the completion of the transaction, the chief operating officer owned 33,130 shares in the company, valued at $5,755,674.90. The trade was a 37.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Dhiraj Mallick also recently made the following trade(s):

• On Thursday, June 25th, Dhiraj Mallick sold 36,131 shares of Cerebras Systems stock. The stock was sold at an average price of $169.28, for a total value of $6,116,255.68.
• On Thursday, June 25th, Dhiraj Mallick sold 13,314 shares of Cerebras Systems stock. The shares were sold at an average price of $184.89, for a total value of $2,461,625.46.

Cerebras Systems Stock Up 19.0%

CBRS traded up $34.57 during midday 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 twelve month low of $160.81 and a twelve month high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last issued its quarterly earnings results on Tuesday, June 23rd. The company reported ($0.04) EPS 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 Analyst Weigh In

Several equities analysts recently commented on CBRS shares. Morgan Stanley upped their target price on shares of Cerebras Systems from $250.00 to $273.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. UBS Group boosted their price objective on shares of Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Mizuho initiated coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set an “outperform” rating and a $300.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, June 24th. Finally, Craig Hallum initiated coverage on Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $325.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Cerebras Systems currently has a consensus rating of “Buy” and a consensus price target of $299.30.

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.