Cerebras Systems (NASDAQ:CBRS) CTO Sells $25,076,400.00 in Stock

Key Points

• Cerebras CTO Sean Lie sold 120,000 shares for approximately $25.1 million at an average price of $208.97 under a pre-arranged Rule 10b5-1 plan, reducing his holdings by 27.93% to 309,569 shares.
• CBRS shares fell 4.8% to $196.74, while the company’s latest quarterly loss of $2.98 per share substantially missed expectations despite 74.3% year-over-year revenue growth to $209.87 million.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $299.90 price target, although recommendations range from “Strong Buy” to “Sell.”

Cerebras Systems Inc. (NASDAQ:CBRS - Get Free Report) CTO Sean Lie sold 120,000 shares of Cerebras Systems 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 of the company's stock, valued at $64,690,633.93. This represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 stock was sold at an average price of $210.16, for a total value of $11,235,153.60.
• 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 value 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.

Cerebras Systems Stock Down 4.8%

NASDAQ:CBRS traded down $10.01 during mid-day trading on Monday, hitting $196.74. 4,790,011 shares of the company's stock were exchanged, compared to its average volume of 6,943,863. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 5.80. Cerebras Systems Inc. has a fifty-two week low of $160.81 and a fifty-two week high of $386.34. The stock's 50 day moving average is $203.45.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share 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 company's revenue for the quarter was up 74.3% on a year-over-year basis. On average, research analysts anticipate that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

Analysts Set New Price Targets

CBRS has been the topic of several analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, August 19th. UBS Group increased their price target on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. Wall Street Zen upgraded Cerebras Systems from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Mizuho cut their target price on shares of Cerebras Systems from $310.00 to $300.00 and set an "outperform" rating for the company in a research report on Thursday, August 13th. Finally, Morgan Stanley lifted their price objective on Cerebras Systems from $273.00 to $279.00 and gave the company an "overweight" rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $299.90.

Institutional Investors Weigh In On Cerebras Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CBRS. Silicon Valley Capital Partners purchased a new position in Cerebras Systems during the 2nd quarter valued at about $44,000. IFP Advisors Inc purchased a new stake in shares of Cerebras Systems during the second quarter worth about $169,000. Integrated Wealth Concepts LLC acquired a new position in shares of Cerebras Systems in the 2nd quarter valued at $197,000. Corient Private Wealth LP acquired a new position in Cerebras Systems during the second quarter valued at $205,000. Finally, Tiger Pacific Capital LP acquired a new position in Cerebras Systems in the second quarter valued at approximately $221,000.

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.

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