171,900 Shares in Cerebras Systems Inc. $CBRS Purchased by Montanova Capital LLC

Montanova Capital LLC acquired a new position in Cerebras Systems Inc. (NASDAQ:CBRS) in the 2nd quarter, Holdings Channel reports. The firm acquired 171,900 shares of the company’s stock, valued at approximately $37,990,000.

Several other large investors have also bought and sold shares of the company. Tiger Pacific Capital LP bought a new position in shares of Cerebras Systems in the 2nd quarter worth approximately $221,000. Ratan Capital Management LP purchased a new position in shares of Cerebras Systems in the 2nd quarter valued at approximately $4,641,000. Bank of New York Mellon Corp bought a new stake in shares of Cerebras Systems during the second quarter valued at approximately $6,118,000. Finally, Wellington Management Group LLP purchased a new stake in Cerebras Systems in the second quarter worth $194,853,000.

Insider Activity at Cerebras Systems

In other Cerebras Systems news, CTO Sean Lie sold 16,293 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $210.01, for a total transaction of $3,421,692.93. Following the completion of the sale, the chief technology officer directly owned 368,926 shares in the company, valued at approximately $77,478,149.26. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Yagnesh Patel sold 4,574 shares of Cerebras Systems stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total transaction of $1,016,434.28. Following the completion of the transaction, the chief accounting officer directly owned 16,676 shares of the company’s stock, valued at $3,705,740.72. This trade represents a 21.52% 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 sold a total of 1,291,278 shares of company stock worth $265,966,662 in the last ninety days.

Analyst Ratings Changes

CBRS has been the subject of a number of research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a report on Wednesday, August 19th. Barclays began coverage on shares of Cerebras Systems in a report on Monday, June 8th. They set an “overweight” rating and a $280.00 target price on the stock. Freedom Capital raised shares of Cerebras Systems to a “hold” rating in a research report on Monday, June 29th. Wedbush boosted 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. Finally, Craig Hallum started coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $325.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $299.90.

Cerebras Systems Price Performance

Shares of NASDAQ:CBRS opened at $184.19 on Tuesday. The company’s fifty day moving average is $203.51. Cerebras Systems Inc. has a 12-month low of $160.81 and a 12-month high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last released its earnings results on Wednesday, August 12th. The company reported ($2.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The firm had revenue of $209.87 million during the quarter. The firm’s revenue was up 74.3% compared to the same quarter last year. As a group, research analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current year.

About Cerebras Systems

Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.

In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.