Frank Rimerman Advisors LLC raised its position in shares of Cerebras Systems Inc. (NASDAQ:CBRS – Free Report) by 3,681.7% in the 3rd quarter, Holdings Channel reports. The firm owned 56,271 shares of the company’s stock after acquiring an additional 54,783 shares during the period. Frank Rimerman Advisors LLC’s holdings in Cerebras Systems were worth $9,997,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CBRS. Value Aligned Research Advisors LLC acquired a new stake in shares of Cerebras Systems in the 2nd quarter valued at $241,934,000. Wellington Management Group LLP bought a new position in shares of Cerebras Systems in the 2nd quarter valued at $194,853,000. State Street Corp acquired a new position in shares of Cerebras Systems during the 2nd quarter worth $105,343,000. Dragoneer Investment Group LLC acquired a new position in shares of Cerebras Systems during the 2nd quarter worth $88,400,000. Finally, Montanova Capital LLC bought a new stake in shares of Cerebras Systems during the 2nd quarter worth $37,990,000.
Insider Buying and Selling at Cerebras Systems
In related news, Director Steven Vassallo sold 50,000 shares of the business’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $210.30, for a total transaction of $10,515,000.00. Following the sale, the director owned 171,977 shares in the company, valued at $36,166,763.10. The trade was a 22.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Sean Lie sold 120,000 shares of the company’s stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $208.97, for a total value of $25,076,400.00. Following the completion of the transaction, the chief technology officer directly owned 309,569 shares of the company’s stock, valued at approximately $64,690,633.93. The trade was a 27.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,864,452 shares of company stock worth $387,680,754 over the last three months.
Cerebras Systems Price Performance
Shares of Cerebras Systems stock opened at $127.21 on Friday. The company has a 50 day moving average of $191.68. The firm has a market capitalization of $30.22 billion and a price-to-earnings ratio of -1,590.12. Cerebras Systems Inc. has a fifty-two week low of $126.05 and a fifty-two week high of $386.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 5.80.
Cerebras Systems (NASDAQ:CBRS – Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The firm had revenue of $209.87 million for the quarter. The business’s revenue for the quarter was up 74.3% on a year-over-year basis. On average, analysts expect that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.
Analyst Upgrades and Downgrades
CBRS has been the topic of several research analyst reports. Wall Street Zen raised Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Morgan Stanley lifted their target price on Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Mizuho lowered their target price on Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Citigroup dropped their target price on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Finally, UBS Group raised their price target on shares of Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $299.90.
Read Our Latest Stock Analysis on Cerebras Systems
Cerebras Systems Profile
Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and deploying large AI models. The company’s technology is designed to address the computational demands of generative AI, deep learning and other data-intensive workloads.
Its core products include the Wafer-Scale Engine, a purpose-built AI processor produced on a single silicon wafer, and the CS-3 AI supercomputer, which incorporates that processor into an integrated computing system.
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