Andrew Feldman Sells 37,441 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CEO Andrew Feldman sold 37,441 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $210.46, for a total value of $7,879,832.86. Following the transaction, the chief executive officer owned 16,853 shares of the company’s stock, valued at $3,546,882.38. This trade represents a 68.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Cerebras Systems Trading Down 4.9%

Shares of NASDAQ:CBRS traded down $10.28 on Tuesday, hitting $199.77. 7,976,216 shares of the company’s stock were exchanged, compared to its average volume of 8,364,061. Cerebras Systems Inc. has a 12 month low of $160.81 and a 12 month high of $386.34. The stock’s 50 day simple moving average is $202.92.

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

Institutional Investors Weigh In On Cerebras Systems

Several hedge funds have recently added to or reduced their stakes in the business. Value Aligned Research Advisors LLC purchased a new stake in Cerebras Systems during the second quarter worth $241,934,000. Wellington Management Group LLP acquired a new stake in Cerebras Systems during the second quarter valued at $194,853,000. Montanova Capital LLC purchased a new position in Cerebras Systems in the second quarter valued at $37,990,000. Bank of New York Mellon Corp acquired a new position in shares of Cerebras Systems in the second quarter worth about $6,118,000. Finally, Ratan Capital Management LP acquired a new position in shares of Cerebras Systems in the second quarter worth about $4,641,000.

Analyst Ratings Changes

CBRS has been the topic of a number of analyst reports. Barclays started coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They issued an “overweight” rating and a $280.00 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 company a “buy” rating in a research note on Thursday, August 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, August 19th. Rosenblatt Securities reiterated a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a report on Wednesday, August 19th. Finally, Wedbush raised their price objective on Cerebras Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $299.90.

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.