UNC Management Company Inc. Invests $4.44 Million in Cerebras Systems Inc. $CBRS

UNC Management Company Inc. acquired a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 20,084 shares of the company’s stock, valued at approximately $4,439,000. Cerebras Systems makes up approximately 0.2% of UNC Management Company Inc.’s holdings, making the stock its 6th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tiger Pacific Capital LP bought a new position in shares of Cerebras Systems during the 2nd quarter worth approximately $221,000. TD Waterhouse Canada Inc. acquired a new stake in shares of Cerebras Systems in the second quarter valued at approximately $630,000. Fortitude Advisory Group L.L.C. bought a new stake in shares of Cerebras Systems in the second quarter worth $705,000. Proficio Capital Partners LLC acquired a new position in Cerebras Systems during the second quarter worth $1,383,000. Finally, Situational Awareness LP bought a new position in Cerebras Systems in the second quarter valued at $2,210,000.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Mizuho lowered their price target on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Craig Hallum started coverage on Cerebras Systems in a research report on Monday, June 8th. They issued a “buy” rating and a $325.00 target price on the stock. Wedbush lifted their target price on Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. Wall Street Zen raised Cerebras Systems from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Barclays began coverage on Cerebras Systems in a research note on Monday, June 8th. They issued an “overweight” rating and a $280.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Stock Up 10.3%

Shares of CBRS stock opened at $210.05 on Friday. The company has a fifty day moving average price of $203.47. Cerebras Systems Inc. has a one year low of $160.81 and a one year high of $386.34.

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

Insider Activity

In other news, Director Steven Vassallo sold 50,000 shares of Cerebras Systems stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 49,599 shares in the company, valued at approximately $10,821,509.82. The trade was a 50.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric Vishria sold 68,268 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $229.77, for a total value of $15,685,938.36. Following the completion of the sale, the director owned 31,383 shares in the company, valued at approximately $7,210,871.91. This trade represents a 68.51% decrease in their position. 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 quarter, insiders have sold 1,291,278 shares of company stock valued at $265,966,662.

Cerebras Systems 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.