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

ICG Advisors LLC lifted its holdings in Cerebras Systems Inc. (NASDAQ:CBRS) by 179.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 15,000 shares of the company’s stock after purchasing an additional 9,641 shares during the quarter. Cerebras Systems comprises 7.4% of ICG Advisors LLC’s holdings, making the stock its 4th biggest 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 large investors have also bought and sold shares of the business. Value Aligned Research Advisors LLC acquired a new stake in Cerebras Systems during the 2nd quarter worth approximately $241,934,000. Wellington Management Group LLP bought a new position in Cerebras Systems in the second quarter valued at approximately $194,853,000. State Street Corp acquired a new position in shares of Cerebras Systems in the second quarter valued at approximately $105,343,000. Dragoneer Investment Group LLC acquired a new position in shares of Cerebras Systems in the second quarter valued at approximately $88,400,000. Finally, Montanova Capital LLC bought a new stake in shares of Cerebras Systems during the second quarter worth $37,990,000.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Mizuho dropped their price objective 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. Wall Street Zen raised shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings cut Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, September 25th. Jefferies Financial Group upgraded Cerebras Systems to an “outperform” rating in a report on Monday, October 5th. Finally, Wedbush lifted their price target on Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $299.90.

Cerebras Systems Stock Performance

NASDAQ CBRS traded down $14.96 during trading on Friday, hitting $127.21. The stock had a trading volume of 11,749,471 shares, compared to its average volume of 9,216,667. Cerebras Systems Inc. has a 12 month low of $126.05 and a 12 month high of $386.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 5.80. The company has a 50-day moving average price of $191.68. The firm has a market cap of $30.22 billion and a P/E ratio of -1,590.12.

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 the consensus estimate of ($0.21) by ($2.77). The firm had revenue of $209.87 million for the quarter. The business’s quarterly revenue was up 74.3% compared to the same quarter last year. As a group, equities analysts anticipate that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Cerebras Systems

In related news, CTO Sean Lie sold 710,247 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $207.86, for a total transaction of $147,631,941.42. Following the completion of the transaction, the chief technology officer owned 368,926 shares in the company, valued at approximately $76,684,958.36. This represents a 65.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eric Vishria sold 68,268 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 31,383 shares of the company’s stock, valued at approximately $7,210,871.91. This trade represents a 68.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,864,452 shares of company stock valued at $387,680,754 in the last three months.

Cerebras Systems Profile

Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and deploying large AI models. The company’s technology is designed to address the computational demands of generative AI, deep learning and other data-intensive workloads.

Its core products include the Wafer-Scale Engine, a purpose-built AI processor produced on a single silicon wafer, and the CS-3 AI supercomputer, which incorporates that processor into an integrated computing system.