Cerebras Systems Inc. $CBRS Stock Position Increased by ICG Advisors LLC

ICG Advisors LLC raised its holdings in shares of Cerebras Systems Inc. (NASDAQ:CBRS) by 179.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,000 shares of the company’s stock after acquiring an additional 9,641 shares during the period. Cerebras Systems makes up 1.9% of ICG Advisors LLC’s holdings, making the stock its 5th largest position. ICG Advisors LLC’s holdings in Cerebras Systems were worth $2,665,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CBRS. Wealth Enhancement Trust Services Inc. bought a new position in shares of Cerebras Systems in the third quarter worth $26,000. GK Wealth Management LLC bought a new stake in shares of Cerebras Systems during the third quarter valued at about $31,000. Silicon Valley Capital Partners bought a new stake in shares of Cerebras Systems during the second quarter valued at about $44,000. Mather Group LLC. bought a new stake in shares of Cerebras Systems during the third quarter valued at about $44,000. Finally, CoreCap Advisors LLC acquired a new stake in Cerebras Systems in the third quarter worth about $52,000.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CBRS shares. Rosenblatt Securities reiterated a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a research report on Wednesday, August 19th. Freedom Capital raised shares of Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Morgan Stanley boosted their target price on Cerebras Systems from $273.00 to $279.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Wedbush upped 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. Finally, Weiss Ratings lowered Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research note on Friday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Cerebras Systems has an average rating of “Moderate Buy” and an average price target of $299.90.

Insiders Place Their Bets

In related news, CTO Sean Lie sold 120,000 shares of the stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $208.97, for a total transaction of $25,076,400.00. Following the completion of the sale, the chief technology officer directly owned 309,569 shares of the company’s stock, valued at $64,690,633.93. This represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Dhiraj Mallick sold 396,000 shares of the stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $204.04, for a total transaction of $80,799,840.00. Following the sale, the chief operating officer directly owned 396,000 shares of the company’s stock, valued at approximately $80,799,840. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,864,452 shares of company stock worth $387,680,754.

Cerebras Systems Trading Down 5.1%

Shares of Cerebras Systems stock opened at $120.66 on Tuesday. 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 business has a 50-day simple moving average of $189.49. Cerebras Systems Inc. has a 52 week low of $120.12 and a 52 week high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last issued its quarterly earnings results 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 business had revenue of $209.87 million for the quarter. Cerebras Systems’s revenue for the quarter was up 74.3% compared to the same quarter last year. As a group, analysts expect that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

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.