Yagnesh Patel Sells 6,079 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) CAO Yagnesh Patel sold 6,079 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief accounting officer owned 4,000 shares in the company, valued at $686,120. This represents a 60.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 stock was 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 Price Performance

NASDAQ:CBRS traded up $34.57 during mid-day trading on Monday, hitting $216.16. The company had a trading volume of 13,221,676 shares, 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 posted its earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.10. The company had revenue of $193.41 million for the quarter, compared to analyst estimates of $180.70 million.

Analyst Ratings Changes

A number of brokerages recently issued reports on CBRS. Wedbush upped their target price on shares of Cerebras Systems from $270.00 to $280.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. Mizuho assumed coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set an “outperform” rating and a $300.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, June 24th. UBS Group raised their price objective on Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Morgan Stanley boosted their target price on Cerebras Systems from $250.00 to $273.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cerebras Systems has an average rating of “Buy” and an average price target of $299.30.

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.