7,565 Shares in Cerebras Systems Inc. $CBRS Acquired by Sterling Investment Advisors Ltd.

Sterling Investment Advisors Ltd. purchased a new position in Cerebras Systems Inc. (NASDAQ:CBRS) in the second quarter, HoldingsChannel.com reports. The fund purchased 7,565 shares of the company’s stock, valued at approximately $1,672,000.

A number of other large investors have also made changes to their positions in CBRS. Value Aligned Research Advisors LLC purchased a new position in Cerebras Systems in the 2nd quarter valued at about $241,934,000. Wellington Management Group LLP purchased a new position in shares of Cerebras Systems during the second quarter valued at approximately $194,853,000. Montanova Capital LLC acquired a new stake in Cerebras Systems during the second quarter worth approximately $37,990,000. Bank of New York Mellon Corp acquired a new stake in Cerebras Systems during the second quarter worth approximately $6,118,000. Finally, Ratan Capital Management LP purchased a new stake in Cerebras Systems in the 2nd quarter worth approximately $4,641,000.

Cerebras Systems Price Performance

Shares of NASDAQ CBRS opened at $199.77 on Wednesday. The firm has a fifty day moving average of $202.92. Cerebras Systems Inc. has a 12-month low of $160.81 and a 12-month high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The firm had revenue of $209.87 million for the quarter. The business’s revenue was up 74.3% on a year-over-year basis. On average, analysts forecast 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 a number of recent analyst reports. UBS Group increased their price target on Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Craig Hallum assumed coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $325.00 target price for the company. Wedbush increased their target price on Cerebras Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Freedom Capital raised Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. Finally, Morgan Stanley upped their price objective on shares of Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $299.90.

Insider Activity

In related news, Director Steven Vassallo sold 50,000 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $218.18, for a total transaction of $10,909,000.00. Following the transaction, the director directly owned 49,599 shares in the company, valued at $10,821,509.82. This trade represents a 50.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Sean Lie sold 710,247 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $207.86, for a total transaction of $147,631,941.42. Following the completion of the transaction, the chief technology officer owned 368,926 shares in the company, valued at approximately $76,684,958.36. The trade was a 65.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,432,179 shares of company stock worth $295,596,648 over the last ninety days.

Cerebras Systems Profile

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.