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

Smith Chas P & Associates PA Cpas bought a new stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,705 shares of the company’s stock, valued at approximately $598,000.

Other institutional investors and hedge funds have also modified their holdings of the company. IFP Advisors Inc acquired a new position in shares of Cerebras Systems in the second quarter worth $169,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Cerebras Systems during the second quarter worth $197,000. Corient Private Wealth LP acquired a new stake in Cerebras Systems during the second quarter valued at $205,000. Tiger Pacific Capital LP acquired a new stake in Cerebras Systems during the second quarter valued at $221,000. Finally, Carlson Financial Inc. purchased a new position in Cerebras Systems in the second quarter valued at about $322,000.

Analysts Set New Price Targets

CBRS has been the subject of a number of recent research reports. TD Cowen initiated coverage on Cerebras Systems in a research note on Monday, June 8th. They set a “buy” rating and a $275.00 price target for the company. UBS Group boosted their price target on Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Zacks Research raised shares of Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. Citigroup decreased their target price on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Finally, Mizuho dropped their price target 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. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Stock Performance

Shares of CBRS traded up $0.59 during trading hours on Friday, hitting $191.93. 3,409,290 shares of the company were exchanged, compared to its average volume of 7,139,285. The company’s 50 day simple moving average is $202.15. Cerebras Systems Inc. has a 52 week low of $160.81 and a 52 week high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The company had revenue of $209.87 million during the quarter. The firm’s quarterly revenue was up 74.3% compared to the same quarter last year. On average, research analysts predict that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Steven Vassallo sold 50,000 shares of Cerebras Systems stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $218.18, for a total value of $10,909,000.00. Following the transaction, the director owned 49,599 shares of the company’s stock, valued at $10,821,509.82. This trade represents a 50.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Sean Lie sold 710,247 shares of the business’s stock in a transaction on 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 sale, the chief technology officer owned 368,926 shares of the company’s stock, valued at $76,684,958.36. The trade was a 65.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,432,179 shares of company stock valued at $295,596,648.

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.