X0304 4 2012-02-07 0 0001037760 CEPHEID CPHD 0001263113 PERSING DAVID H C/O CEPHEID 904 CARIBBEAN DRIVE SUNNYVALE CA 94089 1 1 0 0 Exec VP,Chief Med/Tech Officer Common Stock 2012-02-07 4 M 0 46750 7.38 A 48163 D Common Stock 2012-02-07 4 S 0 26750 43.061 D 21413 D Common Stock 2012-02-07 4 S 0 9600 43.522 D 11813 D Common Stock 2012-02-07 4 S 0 400 44.426 D 11413 D Common Stock 2012-02-07 4 S 0 10000 44.49 D 1413 D Non-qualified stock option (right to buy) 7.38 2012-02-07 4 M 0 26750 0.00 D 2015-08-29 Common Stock 26750 5000 D Non-qualified stock option (right to buy) 7.38 2012-02-07 4 M 0 20000 0.00 D 2015-08-29 Common Stock 20000 30000 D The transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted by the reporting person on November 7, 2011. Represents the aggregate of sales effected on the same day at different prices. Represents the weighted average sales price per share. The shares sold at prices ranging from $42.875 to $43.33 per share. Full information regarding the number of shares sold at each price shall be provided upon request to the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer. Represents the weighted average sales price per share. The shares sold at prices ranging from $43.33 to $43.95 per share. Full information regarding the number of shares sold at each price shall be provided upon request to the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer. Represents the weighted average sales price per share. The shares sold at prices ranging from $44.405 to $44.49 per share. Full information regarding the number of shares sold at each price shall be provided upon request to the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer. The stock option grant is 100% vested and exercisable. /s/ David H. Persing by Joseph H. Smith, Attorney-in-Fact 2012-02-09