Dhiraj Mallick Sells 20,000 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) COO Dhiraj Mallick sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $173.73, for a total value of $3,474,600.00. Following the sale, the chief operating officer owned 33,130 shares in the company, valued at $5,755,674.90. The trade was a 37.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Dhiraj Mallick also recently made the following trade(s):

• On Thursday, June 25th, Dhiraj Mallick sold 36,131 shares of Cerebras Systems stock. The stock was sold at an average price of $169.28, for a total value of $6,116,255.68.
• On Thursday, June 25th, Dhiraj Mallick sold 13,314 shares of Cerebras Systems stock. The stock was sold at an average price of $184.89, for a total value of $2,461,625.46.

Cerebras Systems Stock Up 2.2%

Shares of NASDAQ CBRS opened at $221.00 on Wednesday. Cerebras Systems Inc. has a twelve month low of $160.81 and a twelve month high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings data 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 firm had revenue of $193.41 million for the quarter, compared to the consensus estimate of $180.70 million.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CBRS. Barclays began coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued an “overweight” rating and a $280.00 price target for the company. Morgan Stanley raised their target price on shares of Cerebras Systems from $250.00 to $273.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Craig Hallum began coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $325.00 target price for the company. TD Cowen initiated coverage on Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $275.00 target price for the company. Finally, Citigroup initiated coverage on Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $340.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Cerebras Systems currently has an average rating of “Buy” and a consensus price target of $299.30.

Trending Headlines about Cerebras Systems

Here are the key news stories impacting Cerebras Systems this week:

• Positive Sentiment: Unusual call option buying pointed to rising speculative interest in Cerebras Systems (CBRS), which can support the stock as traders bet on more upside.
• Positive Sentiment: Recent media coverage highlighted Cerebras as one of the “best new stocks to buy,” reinforcing investor attention around the AI chipmaker. Here’s Why Cerebras (CBRS) is Among the 10 Best New Stocks to Buy Other Than SpaceX
• Positive Sentiment: The company’s latest earnings beat expectations, with revenue and EPS both coming in better than analysts expected, which remains a key reason for the stock’s recent strength.
• Neutral Sentiment: Several analysts recently raised price targets and reiterated bullish ratings on CBRS, which helps sentiment but does not by itself change fundamentals.
• Negative Sentiment: A series of insider sales by the CEO, CTO, COO, and CAO may pressure sentiment, even though the company said the sales were tied to tax withholding on vested equity awards.
• Negative Sentiment: A law firm’s investor alert about possible claims involving Cerebras adds some caution, though no wrongdoing has been established. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Cerebras Systems Inc. – CBRS

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.