Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD purchased a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS – Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 24,500 shares of the company’s stock, valued at approximately $5,414,000.
Several other hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new stake in shares of Cerebras Systems in the second quarter worth $6,118,000. Tiger Pacific Capital LP acquired a new position in Cerebras Systems during the second quarter worth $221,000. Ratan Capital Management LP bought a new position in Cerebras Systems in the second quarter valued at $4,641,000. Wellington Management Group LLP bought a new position in Cerebras Systems in the second quarter valued at $194,853,000. Finally, Montanova Capital LLC acquired a new stake in Cerebras Systems in the 2nd quarter valued at $37,990,000.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on the stock. Wedbush increased their price objective on shares of Cerebras Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. Zacks Research raised Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. Mizuho dropped their target price on Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Freedom Capital upgraded Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $299.90.
Cerebras Systems Price Performance
Shares of Cerebras Systems stock opened at $199.77 on Wednesday. The firm’s fifty day simple moving average is $202.92. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34.
Cerebras Systems (NASDAQ:CBRS – Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The firm had revenue of $209.87 million for the quarter. Cerebras Systems’s quarterly revenue was up 74.3% compared to the same quarter last year. On average, sell-side analysts forecast that Cerebras Systems Inc. will post -0.52 EPS for the current fiscal year.
Insiders Place Their Bets
In other Cerebras Systems news, CTO Sean Lie sold 710,247 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $207.86, for a total value of $147,631,941.42. Following the transaction, the chief technology officer directly owned 368,926 shares of the company’s stock, valued at $76,684,958.36. This represents a 65.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Dhiraj Mallick sold 38,889 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total transaction of $8,641,913.58. Following the sale, the chief operating officer owned 120,000 shares of the company’s stock, valued at $26,666,400. This trade represents a 24.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,432,179 shares of company stock worth $295,596,648 in the last 90 days.
About Cerebras Systems
Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and running large AI models. Its technology is designed to provide high-performance computing while reducing the complexity associated with connecting large numbers of conventional processors.
The company’s primary products include the Wafer Scale Engine, a processor built on a single silicon wafer, and the CS-2 and CS-3 AI systems that incorporate this technology.
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