Cerebras Systems Inc. $CBRS Stock Holdings Boosted by ICG Advisors LLC

ICG Advisors LLC lifted its stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) by 179.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,000 shares of the company’s stock after purchasing an additional 9,641 shares during the period. Cerebras Systems makes up about 1.9% of ICG Advisors LLC’s holdings, making the stock its 5th biggest position. ICG Advisors LLC’s holdings in Cerebras Systems were worth $2,665,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Value Aligned Research Advisors LLC purchased a new stake in shares of Cerebras Systems during the second quarter valued at $241,934,000. Wellington Management Group LLP purchased a new position in Cerebras Systems in the 2nd quarter worth about $194,853,000. State Street Corp purchased a new position in Cerebras Systems in the 2nd quarter worth about $105,343,000. Dragoneer Investment Group LLC purchased a new position in Cerebras Systems in the 2nd quarter worth about $88,400,000. Finally, Montanova Capital LLC acquired a new stake in Cerebras Systems during the 2nd quarter worth about $37,990,000.

Insider Buying and Selling

In related news, Director Eric Vishria sold 68,268 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $229.77, for a total transaction of $15,685,938.36. Following the completion of the sale, the director directly owned 31,383 shares in the company, valued at approximately $7,210,871.91. This trade represents a 68.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Vassallo sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $210.30, for a total transaction of $10,515,000.00. Following the transaction, the director directly owned 171,977 shares in the company, valued at $36,166,763.10. The trade was a 22.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,864,452 shares of company stock worth $387,680,754 over the last ninety days.

Cerebras Systems Price Performance

NASDAQ:CBRS opened at $120.66 on Tuesday. Cerebras Systems Inc. has a 1-year low of $120.12 and a 1-year high of $386.34. The company has a current ratio of 5.82, a quick ratio of 5.80 and a debt-to-equity ratio of 0.02. The company’s fifty day simple moving average is $189.49.

Cerebras Systems (NASDAQ:CBRS) last announced its quarterly earnings data 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 company had revenue of $209.87 million during the quarter. Cerebras Systems’s revenue was up 74.3% compared to the same quarter last year. Analysts predict that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CBRS shares. Freedom Capital raised shares of Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Weiss Ratings cut shares of Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, September 25th. Wedbush lifted their target price on shares of Cerebras Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Mizuho cut their price target on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Finally, Jefferies Financial Group upgraded shares of Cerebras Systems to an “outperform” rating in a report on Monday, October 5th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $299.90.

Cerebras Systems Company Profile

Cerebras Systems is a technology company that develops specialized computing systems for artificial intelligence and high-performance computing. Its core product is the Wafer-Scale Engine, a processor designed to provide large-scale computing capacity and high-speed data movement for training and running AI models.

The company offers integrated AI computing systems, including the Cerebras CS series, which combines its wafer-scale processors with supporting hardware and software. Cerebras also provides access to its technology through cloud-based services, enabling businesses, research organizations and other users to develop and deploy AI applications without operating the underlying systems themselves.

Founded in 2015 and headquartered in Sunnyvale, California, Cerebras serves customers in sectors such as technology, government, scientific research and other data-intensive industries.