Cerebras Systems (NASDAQ:CBRS) CTO Sells $11,235,153.60 in Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CTO Sean Lie sold 53,460 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $210.16, for a total value of $11,235,153.60. Following the sale, the chief technology officer directly owned 345,569 shares of the company’s stock, valued at approximately $72,624,781.04. The trade was a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Sean Lie also recently made the following trade(s):

• On Thursday, August 20th, Sean Lie sold 710,247 shares of Cerebras Systems stock. The shares were sold at an average price of $207.86, for a total transaction of $147,631,941.42.
• On Friday, August 21st, Sean Lie sold 16,293 shares of Cerebras Systems stock. The shares were sold at an average price of $210.01, for a total transaction of $3,421,692.93.
• On Tuesday, August 18th, Sean Lie sold 21,257 shares of Cerebras Systems stock. The stock was sold at an average price of $222.22, for a total transaction of $4,723,730.54.
• On Thursday, June 25th, Sean Lie sold 10,033 shares of Cerebras Systems stock. The stock was sold at an average price of $170.07, for a total transaction of $1,706,312.31.

Cerebras Systems Trading Down 2.5%

CBRS opened at $191.34 on Friday. Cerebras Systems Inc. has a 12 month low of $160.81 and a 12 month high of $386.34. The company has a fifty day moving average of $202.15.

Cerebras Systems (NASDAQ:CBRS) last released 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 business had revenue of $209.87 million during the quarter. The business’s quarterly revenue was up 74.3% on a year-over-year basis. As a group, equities analysts forecast that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Institutional Trading of Cerebras Systems

Several institutional investors and hedge funds have recently bought and sold shares of CBRS. IFP Advisors Inc bought a new stake in shares of Cerebras Systems in the second quarter valued at about $169,000. Integrated Wealth Concepts LLC bought a new stake in shares of Cerebras Systems in the second quarter valued at approximately $197,000. Corient Private Wealth LP bought a new stake in shares of Cerebras Systems in the second quarter valued at approximately $205,000. Tiger Pacific Capital LP acquired a new stake in Cerebras Systems during the second quarter worth approximately $221,000. Finally, Carlson Financial Inc. bought a new position in Cerebras Systems during the 2nd quarter worth $322,000.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CBRS. Zacks Research raised shares of Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. Wedbush raised their price objective on Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. Wall Street Zen upgraded Cerebras Systems from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings initiated coverage on Cerebras Systems in a research report on Thursday, August 13th. They set a “sell (d)” rating for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a research note on Wednesday, August 19th. One research 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $299.90.

Cerebras Systems Company Profile

Cerebras Systems develops specialized computing systems and software for artificial intelligence (AI) and machine-learning workloads. The company’s technology is designed to accelerate the training and deployment of large AI models by combining high-performance processors, memory, networking and software into integrated computing platforms.

Its principal products include the Wafer-Scale Engine (WSE), a processor built on a single semiconductor wafer, and the CS-3 AI supercomputer, which is based on the company’s wafer-scale architecture.