Smith Chas P & Associates PA Cpas Invests $598,000 in Cerebras Systems Inc. $CBRS

Smith Chas P & Associates PA Cpas acquired a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,705 shares of the company’s stock, valued at approximately $598,000.

Several other hedge funds have also recently added to or reduced their stakes in CBRS. Value Aligned Research Advisors LLC acquired a new stake in Cerebras Systems in the 2nd quarter valued at approximately $241,934,000. Wellington Management Group LLP bought a new position in Cerebras Systems in the 2nd quarter worth approximately $194,853,000. Dragoneer Investment Group LLC acquired a new position in shares of Cerebras Systems during the second quarter worth approximately $88,400,000. Montanova Capital LLC acquired a new position in shares of Cerebras Systems during the second quarter worth approximately $37,990,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Cerebras Systems in the second quarter valued at approximately $21,760,000.

Cerebras Systems Trading Up 0.3%

Shares of CBRS stock traded up $0.59 during mid-day trading on Friday, reaching $191.93. The stock had a trading volume of 3,409,290 shares, compared to its average volume of 7,139,285. The company has a 50 day moving average of $202.15. 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 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 during the quarter. The company’s revenue for the quarter was up 74.3% compared to the same quarter last year. Sell-side analysts predict that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, COO Dhiraj Mallick sold 38,889 shares of Cerebras Systems stock in a transaction on Tuesday, August 18th. The shares were 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 in the company, valued at $26,666,400. The trade was a 24.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Sean Lie sold 710,247 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $207.86, for a total transaction of $147,631,941.42. Following the completion of the sale, the chief technology officer directly owned 368,926 shares in the company, valued at $76,684,958.36. This trade represents a 65.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,432,179 shares of company stock valued at $295,596,648 over the last 90 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CBRS shares. Mizuho lowered their price objective on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Freedom Capital raised shares of Cerebras Systems to a “hold” rating in a report on Monday, June 29th. Zacks Research upgraded shares of Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. Finally, Rosenblatt Securities restated a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cerebras Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Company Profile

Cerebras Systems develops specialized computing systems and software for artificial intelligence (AI) and machine-learning workloads. The company’s technology is designed to accelerate the training and deployment of large AI models by combining high-performance processors, memory, networking and software into integrated computing platforms.

Its principal products include the Wafer-Scale Engine (WSE), a processor built on a single semiconductor wafer, and the CS-3 AI supercomputer, which is based on the company’s wafer-scale architecture.