Insider Selling: Cerebras Systems (NASDAQ:CBRS) CAO Sells $1,042,730.87 in Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CAO Yagnesh Patel sold 6,079 shares of the stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $171.53, for a total value of $1,042,730.87. Following the transaction, the chief accounting officer owned 4,000 shares of the company’s stock, valued at approximately $686,120. This trade represents a 60.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Yagnesh Patel also recently made the following trade(s):

• On Friday, June 26th, Yagnesh Patel sold 3,954 shares of Cerebras Systems stock. The shares were sold at an average price of $174.03, for a total value of $688,114.62.
• On Thursday, June 25th, Yagnesh Patel sold 46 shares of Cerebras Systems stock. The shares were sold at an average price of $189.36, for a total value of $8,710.56.

Cerebras Systems Stock Up 19.0%

Shares of CBRS stock traded up $34.57 on Monday, hitting $216.16. 13,221,676 shares of the stock were exchanged, compared to its average volume of 8,107,127. Cerebras Systems Inc. has a fifty-two week low of $160.81 and a fifty-two week high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last announced its earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.10. The firm had revenue of $193.41 million during the quarter, compared to analyst estimates of $180.70 million.

Analyst Ratings Changes

CBRS has been the topic of a number of research reports. Morgan Stanley boosted their price objective on shares of Cerebras Systems from $250.00 to $273.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a research report on Wednesday, June 24th. TD Cowen began coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $275.00 price target on the stock. UBS Group increased their price objective on shares of Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price 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.