10,000 Shares in Cerebras Systems Inc. $CBRS Bought by Situational Awareness LP

Situational Awareness LP bought a new position in Cerebras Systems Inc. (NASDAQ:CBRS) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,000 shares of the company’s stock, valued at approximately $2,210,000. Cerebras Systems comprises approximately 0.0% of Situational Awareness LP’s investment portfolio, making the stock its 22nd biggest position.

A number of other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in Cerebras Systems during the second quarter worth about $6,118,000. Tiger Pacific Capital LP acquired a new stake in Cerebras Systems during the second quarter worth $221,000. Ratan Capital Management LP bought a new stake in Cerebras Systems in the 2nd quarter valued at $4,641,000. Wellington Management Group LLP acquired a new position in shares of Cerebras Systems in the 2nd quarter valued at $194,853,000. Finally, Montanova Capital LLC bought a new position in shares of Cerebras Systems during the 2nd quarter worth about $37,990,000.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wedbush increased their price target on shares of Cerebras Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Citigroup decreased their price objective on Cerebras Systems from $340.00 to $320.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a report on Wednesday, August 19th. Freedom Capital raised shares of Cerebras Systems to a “hold” rating in a report on Monday, June 29th. Finally, Barclays assumed coverage on Cerebras Systems in a research note on Monday, June 8th. They issued an “overweight” rating and a $280.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Cerebras Systems currently has an average rating of “Moderate Buy” and a consensus target price of $299.90.

Cerebras Systems Price Performance

Shares of CBRS stock opened at $190.44 on Friday. Cerebras Systems Inc. has a 12-month low of $160.81 and a 12-month high of $386.34. The company has a fifty day moving average price of $202.90.

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

Insiders Place Their Bets

In other news, CEO Andrew Feldman sold 237,559 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the transaction, the chief executive officer directly owned 16,853 shares of the company’s stock, valued at approximately $3,358,297.31. This trade represents a 93.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven Vassallo sold 50,000 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $218.18, for a total transaction of $10,909,000.00. Following the sale, the director directly owned 49,599 shares of the company’s stock, valued at $10,821,509.82. This represents a 50.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,291,278 shares of company stock valued at $265,966,662 in the last three months.

About Cerebras Systems

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.