Cerebras Systems (NASDAQ:CBRS) Stock: Insider Sean Lie Sells 120,000 Shares

Cerebras Systems Inc. (NASDAQ:CBRS) CTO Sean Lie sold 120,000 shares of the business’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $208.97, for a total value of $25,076,400.00. Following the transaction, the chief technology officer owned 309,569 shares in the company, valued at approximately $64,690,633.93. This represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, September 4th, Sean Lie sold 53,460 shares of Cerebras Systems stock. The shares were sold at an average price of $210.16, for a total transaction of $11,235,153.60.
• On Thursday, August 20th, Sean Lie sold 710,247 shares of Cerebras Systems stock. The stock was 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 value 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 value of $4,723,730.54.

Cerebras Systems Price Performance

Shares of CBRS stock traded down $10.01 during trading hours on Monday, hitting $196.74. The stock had a trading volume of 4,790,011 shares, compared to its average volume of 6,943,863. The stock has a 50 day moving average price of $203.45. The company has a current ratio of 5.82, a quick ratio of 5.80 and a debt-to-equity ratio of 0.02. 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 for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The firm had revenue of $209.87 million for the quarter. The firm’s revenue was up 74.3% compared to the same quarter last year. As a group, equities analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Wall Street Analysts Forecast Growth

CBRS has been the subject of a number of recent research reports. Citigroup dropped their price objective on Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Needham & Company LLC restated a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, August 19th. Rosenblatt Securities restated a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, August 19th. Finally, UBS Group upped their price objective on Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $299.90.

Hedge Funds Weigh In On Cerebras Systems

A number of large investors have recently made changes to their positions in the business. State Street Corp bought a new stake in shares of Cerebras Systems in the 2nd quarter valued at approximately $105,343,000. Situational Awareness LP acquired a new position in shares of Cerebras Systems during the second quarter worth approximately $2,210,000. Ratan Capital Management LP bought a new stake in Cerebras Systems in the 2nd quarter valued at $4,641,000. Proficio Capital Partners LLC bought a new stake in shares of Cerebras Systems in the second quarter valued at about $1,383,000. Finally, UNC Management Company Inc. acquired a new stake in shares of Cerebras Systems during the 2nd quarter worth approximately $4,439,000.

About Cerebras Systems

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.