Cerebras Systems Inc. $CBRS Stock Purchased by Parallel Advisors LLC

Parallel Advisors LLC raised its stake in Cerebras Systems Inc. (NASDAQ:CBRS) by 2,138.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,733 shares of the company’s stock after acquiring an additional 20,762 shares during the period. Parallel Advisors LLC’s holdings in Cerebras Systems were worth $3,861,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Wealth Enhancement Trust Services Inc. bought a new position in shares of Cerebras Systems during the third quarter valued at approximately $26,000. Blue Bell Private Wealth Management LLC bought a new stake in shares of Cerebras Systems in the 3rd quarter worth approximately $31,000. GK Wealth Management LLC bought a new stake in shares of Cerebras Systems in the 3rd quarter worth approximately $31,000. Silicon Valley Capital Partners bought a new stake in shares of Cerebras Systems in the 2nd quarter worth approximately $44,000. Finally, Torren Management LLC acquired a new position in Cerebras Systems during the 3rd quarter valued at approximately $39,000.

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, COO Dhiraj Mallick sold 396,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $80,799,840. The trade was a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew D. Feldman sold 237,559 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the completion of the sale, the chief executive officer directly owned 16,853 shares of the company’s stock, valued at approximately $3,358,297.31. This represents a 93.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,924,452 shares of company stock worth $394,628,154 over the last ninety days.

Cerebras Systems Stock Performance

NASDAQ:CBRS opened at $89.68 on Monday. The company has a market capitalization of $21.30 billion and a PE ratio of -1,121.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.80 and a current ratio of 5.82. Cerebras Systems Inc. has a 1 year low of $77.84 and a 1 year high of $386.34. The stock has a fifty day simple moving average of $159.28.

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 for the quarter. The company’s quarterly revenue was up 74.3% on a year-over-year basis. On average, equities research analysts predict that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Wall Street Analysts Forecast Growth

CBRS has been the subject of a number of recent research reports. Weiss Ratings downgraded Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research note on Wednesday. Citigroup dropped their target price on Cerebras Systems from $340.00 to $320.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, August 19th. Wall Street Zen raised shares of Cerebras Systems from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Jefferies Financial Group raised shares of Cerebras Systems to an “outperform” rating in a report on Monday, October 5th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $281.90.

Cerebras Systems Profile

Cerebras Systems develops computing systems and software designed for artificial intelligence and other compute-intensive workloads. Its products are built around the Wafer-Scale Engine, a large processor designed to support AI model training and inference, and include the CS-3 system and related software.

The company also offers cloud-based access to its AI computing infrastructure, giving customers a way to run AI workloads without deploying its systems on site. Its offerings are aimed at organizations developing and operating large AI models, including businesses, research institutions and public-sector customers.

Founded in 2015, Cerebras is headquartered in Sunnyvale, California.