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

Cerebras Systems Inc. (NASDAQ:CBRS) CEO Andrew Feldman sold 237,559 shares of the stock in a transaction on 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 transaction, the chief executive officer owned 16,853 shares in the company, valued at $3,358,297.31. This trade represents a 93.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cerebras Systems Price Performance

CBRS stock traded down $1.52 during mid-day trading on Tuesday, hitting $183.91. 7,034,353 shares of the company were exchanged, compared to its average volume of 7,305,133. The stock’s fifty day moving average is $207.59. 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 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 firm had revenue of $209.87 million for the quarter. Cerebras Systems’s revenue for the quarter was up 74.3% on a year-over-year basis. On average, sell-side analysts expect that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Institutional Investors Weigh In On Cerebras Systems

Several large investors have recently added to or reduced their stakes in the stock. Readystate Asset Management LP acquired a new position in shares of Cerebras Systems during the second quarter valued at $2,320,000. UNC Management Company Inc. acquired a new stake in shares of Cerebras Systems in the 2nd quarter worth about $4,439,000. Fortitude Advisory Group L.L.C. bought a new stake in Cerebras Systems in the 2nd quarter valued at about $705,000. Raiffeisen Bank International AG acquired a new position in Cerebras Systems during the 2nd quarter valued at about $4,323,000. Finally, Situational Awareness LP bought a new position in Cerebras Systems in the 2nd quarter worth about $2,210,000.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Mizuho decreased their target price on Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Morgan Stanley raised their price objective on Cerebras Systems from $273.00 to $279.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Freedom Capital raised shares of Cerebras Systems to a “hold” rating in a report on Monday, June 29th. Wall Street Zen raised shares of Cerebras Systems from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus 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.