Cerebras Systems (NASDAQ:CBRS) Director Sells $10,515,000.00 in Stock

Key Points

• Director Steven Vassallo sold 50,000 Cerebras Systems shares at an average price of $210.30, generating $10.515 million. His remaining 171,977 shares are valued at approximately $36.2 million, representing a 22.52% reduction in ownership.
• Cerebras shares recently traded at $199.77, within a 12-month range of $160.81 to $386.34. The company’s latest quarterly loss of $2.98 per share significantly exceeded analysts’ expected loss of $0.21, despite 74.3% year-over-year revenue growth to $209.87 million.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $299.90; individual targets include $275 from TD Cowen and $279 from Morgan Stanley.

Cerebras Systems Inc. (NASDAQ:CBRS - Get Free Report) Director Steven Vassallo sold 50,000 shares of Cerebras Systems stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $210.30, for a total transaction of $10,515,000.00. Following the completion of the transaction, the director directly owned 171,977 shares in the company, valued at approximately $36,166,763.10. This trade represents a 22.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Steven Vassallo also recently made the following trade(s):

• On Friday, August 14th, Steven Vassallo sold 50,000 shares of Cerebras Systems stock. The shares were sold at an average price of $218.18, for a total transaction of $10,909,000.00.

Cerebras Systems Stock Performance

Shares of NASDAQ:CBRS traded down $10.28 during mid-day trading on Tuesday, hitting $199.77. The stock had a trading volume of 7,976,216 shares, compared to its average volume of 8,364,061. The firm's 50 day simple moving average is $202.92. Cerebras Systems Inc. has a 12-month low of $160.81 and a 12-month high of $386.34.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The business had revenue of $209.87 million for the quarter. The business's revenue for the quarter was up 74.3% compared to the same quarter last year. On average, equities analysts predict that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

Hedge Funds Weigh In On Cerebras Systems

Hedge funds have recently bought and sold shares of the business. Corient Private Wealth LP bought a new position in Cerebras Systems during the second quarter valued at about $205,000. Tiger Pacific Capital LP bought a new stake in shares of Cerebras Systems during the 2nd quarter worth about $221,000. Carlson Financial Inc. acquired a new position in shares of Cerebras Systems during the 2nd quarter valued at about $322,000. Allianz Asset Management GmbH acquired a new position in shares of Cerebras Systems during the 2nd quarter valued at about $508,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of Cerebras Systems in the 2nd quarter valued at approximately $630,000.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CBRS shares. Zacks Research raised Cerebras Systems to a "hold" rating in a research note on Tuesday, June 9th. Freedom Capital upgraded Cerebras Systems to a "hold" rating in a report on Monday, June 29th. TD Cowen began coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They issued a "buy" rating and a $275.00 price target for the company. Morgan Stanley raised their price target on shares of Cerebras Systems from $273.00 to $279.00 and gave the stock an "overweight" rating in a report on Thursday, August 13th. Finally, Wall Street Zen upgraded shares of Cerebras Systems from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $299.90.

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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