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

Key Points

• CEO Andrew Feldman sold 237,559 Cerebras shares at an average price of $199.27, generating approximately $47.3 million. His remaining ownership fell by 93.38% to 16,853 shares.
• Cerebras shares recently traded at $183.91, down 0.8%, while the company’s latest quarterly results showed a steep EPS miss of $2.98 versus the $0.21 consensus, despite revenue rising 74.3% year over year to $209.87 million.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $299.90, although ratings range from “Sell” to “Strong Buy.” Several institutional investors also established sizable positions during the second quarter.

Cerebras Systems Inc. (NASDAQ:CBRS - Get Free Report) CEO Andrew Feldman sold 237,559 shares of Cerebras Systems stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $199.27, for a total value of $47,338,381.93. Following the completion of the sale, the chief executive officer owned 16,853 shares in the company, valued at approximately $3,358,297.31. This trade represents a 93.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Cerebras Systems Trading Down 0.8%

CBRS traded down $1.52 on Tuesday, hitting $183.91. 7,034,353 shares of the company were exchanged, compared to its average volume of 7,305,133. The business has a fifty day moving average price of $207.59. 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 - Get Free Report) last posted 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 firm had revenue of $209.87 million for the quarter. The business's revenue for the quarter was up 74.3% on a year-over-year basis. Analysts predict that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on CBRS. Weiss Ratings assumed coverage on shares of Cerebras Systems in a research report on Thursday, August 13th. They issued a "sell (d)" rating for the company. Mizuho decreased their target price on shares of Cerebras Systems from $310.00 to $300.00 and set an "outperform" rating on the stock in a research report on Thursday, August 13th. TD Cowen started coverage on Cerebras Systems in a report on Monday, June 8th. They issued a "buy" rating and a $275.00 price target for the company. Rosenblatt Securities reissued a "buy" rating and set a $300.00 price target on shares of Cerebras Systems in a research note on Wednesday, August 19th. Finally, UBS Group raised their price objective on Cerebras Systems from $320.00 to $330.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cerebras Systems currently has a consensus rating of "Moderate Buy" and an average target price of $299.90.

Hedge Funds Weigh In On Cerebras Systems

Large investors have recently modified their holdings of the company. Value Aligned Research Advisors LLC acquired a new position in shares of Cerebras Systems during the second quarter worth $241,934,000. Wellington Management Group LLP acquired a new position in Cerebras Systems in the 2nd quarter worth $194,853,000. Montanova Capital LLC acquired a new position in Cerebras Systems in the 2nd quarter worth $37,990,000. Bank of New York Mellon Corp purchased a new position in Cerebras Systems in the 2nd quarter valued at about $6,118,000. Finally, Ratan Capital Management LP purchased a new position in Cerebras Systems in the 2nd quarter valued at about $4,641,000.

Cerebras Systems Company Profile

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.

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