Ratan Capital Management LP Buys Shares of 21,000 Cerebras Systems Inc. $CBRS

Ratan Capital Management LP purchased a new stake in Cerebras Systems Inc. (NASDAQ:CBRS) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 21,000 shares of the company’s stock, valued at approximately $4,641,000. Cerebras Systems accounts for approximately 1.5% of Ratan Capital Management LP’s holdings, making the stock its 16th biggest holding.

Separately, Tiger Pacific Capital LP bought a new stake in Cerebras Systems during the 2nd quarter valued at $221,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wall Street Zen raised shares of Cerebras Systems from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Mizuho dropped their target price on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Freedom Capital raised Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. Rosenblatt Securities restated a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a report on Wednesday, August 19th. Finally, Zacks Research raised Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $299.90.

Cerebras Systems Trading Down 4.1%

Shares of Cerebras Systems stock opened at $179.08 on Friday. Cerebras Systems Inc. has a 12-month low of $160.81 and a 12-month high of $386.34. The firm’s fifty day moving average is $204.32.

Cerebras Systems (NASDAQ:CBRS) last announced its 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 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. On average, analysts forecast that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

Insider Activity

In other Cerebras Systems news, Director Eric Vishria sold 68,268 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $229.77, for a total value of $15,685,938.36. Following the completion of the transaction, the director owned 31,383 shares in the company, valued at approximately $7,210,871.91. This represents a 68.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, CTO Sean Lie sold 710,247 shares of the business’s 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 sale, the chief technology officer owned 368,926 shares in the company, valued at approximately $76,684,958.36. This trade represents a 65.81% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,291,278 shares of company stock worth $265,966,662.

Cerebras Systems Company Profile

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.