Dhiraj Mallick Sells 10,000 Shares of Cerebras Systems (NASDAQ:CBRS) Stock

Cerebras Systems Inc. (NASDAQ:CBRS) COO Dhiraj Mallick sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $206.51, for a total value of $2,065,100.00. Following the sale, the chief operating officer directly owned 10,000 shares in the company, valued at approximately $2,065,100. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, June 25th, Dhiraj Mallick sold 36,131 shares of Cerebras Systems stock. The shares were sold at an average price of $169.28, for a total value of $6,116,255.68.
• On Friday, June 26th, Dhiraj Mallick sold 20,000 shares of Cerebras Systems stock. The shares were sold at an average price of $173.73, for a total value of $3,474,600.00.
• On Thursday, June 25th, Dhiraj Mallick sold 13,314 shares of Cerebras Systems stock. The shares were sold at an average price of $184.89, for a total value of $2,461,625.46.

Cerebras Systems Stock Down 7.4%

CBRS opened at $204.86 on Friday. Cerebras Systems Inc. has a one year low of $160.81 and a one year high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last announced its earnings results on Tuesday, June 23rd. The company reported ($0.04) earnings per share for the quarter, beating 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.

Analysts Set New Price Targets

CBRS has been the subject of several research reports. Craig Hallum started coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They set a “buy” rating and a $325.00 price objective for the company. Wall Street Zen upgraded shares of Cerebras Systems from a “strong sell” rating to a “sell” rating in a report on Sunday, June 21st. Wedbush increased 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. UBS Group raised their target price on shares of Cerebras Systems from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Barclays initiated coverage on shares of Cerebras Systems in a research report on Monday, June 8th. They issued an “overweight” rating and a $280.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Cerebras Systems presently has an average rating of “Moderate Buy” and a consensus target price of $299.30.

Key Cerebras Systems News

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

• Positive Sentiment: Cerebras’s latest quarterly report was still a major bright spot: revenue rose 94% year over year to $193.4 million and EPS beat expectations, reinforcing the company’s AI growth narrative. Cerebras Systems (CBRS) Reports Strong Growth Following Multi-Year OpenAI Partnership
• Positive Sentiment: Analyst commentary remains broadly constructive overall, with firms including UBS and Wedbush maintaining bullish views and lifting price targets, suggesting the long-term outlook is still favorable. Cerebras Systems upgraded by Freedom Capital to hold
• Neutral Sentiment: Attention around Cerebras has stayed elevated as investors continue to compare it with other high-profile AI names, which may keep trading active but is not a direct catalyst. Is Cerebras Systems (CBRS) Better Than SpaceX and SanDisk?
• Negative Sentiment: Multiple law firms announced securities-fraud investigations into Cerebras, creating headline risk and uncertainty for shareholders even though no wrongdoing has been proven. Securities Fraud Investigation Into Cerebras Systems Inc. (CBRS) Announced
• Negative Sentiment: Recent insider selling, including a notable COO share sale, is also weighing on sentiment and may have amplified the stock’s decline. Insider trading disclosures for Cerebras Systems

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.