Cerebras Systems Inc. $CBRS Stock Purchased by Johnson & Johnson

Johnson & Johnson lifted its stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) by 140.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 128,649 shares of the company’s stock after acquiring an additional 75,063 shares during the quarter. Cerebras Systems makes up approximately 3.0% of Johnson & Johnson’s holdings, making the stock its 6th biggest position. Johnson & Johnson owned about 0.05% of Cerebras Systems worth $22,854,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC bought a new stake in Cerebras Systems during the 3rd quarter worth approximately $1,854,000. MN Wealth Advisors LLC lifted its holdings in Cerebras Systems by 40.9% during the third quarter. MN Wealth Advisors LLC now owns 1,813 shares of the company’s stock valued at $322,000 after purchasing an additional 526 shares in the last quarter. McGuire Investment Group LLC lifted its holdings in Cerebras Systems by 7.6% during the third quarter. McGuire Investment Group LLC now owns 1,420 shares of the company’s stock valued at $252,000 after purchasing an additional 100 shares in the last quarter. Valen Private Capital LLC purchased a new position in Cerebras Systems during the third quarter valued at approximately $3,373,000. Finally, Beaumont Financial Advisors LLC bought a new position in shares of Cerebras Systems in the third quarter worth approximately $629,000.

Insider Buying and Selling at Cerebras Systems

In other news, CTO Sean Lie sold 120,000 shares of the stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $208.97, for a total transaction of $25,076,400.00. Following the completion of the transaction, the chief technology officer directly owned 309,569 shares in the company, valued at approximately $64,690,633.93. This represents a 27.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Vassallo sold 50,000 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $210.30, for a total value of $10,515,000.00. Following the transaction, the director owned 171,977 shares of the company’s stock, valued at $36,166,763.10. This represents a 22.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,864,452 shares of company stock worth $387,680,754.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CBRS shares. Jefferies Financial Group raised shares of Cerebras Systems to an “outperform” rating in a research note on Monday, October 5th. TD Cowen decreased their price objective on shares of Cerebras Systems from $275.00 to $175.00 and set a “buy” rating on the stock in a research report on Monday, October 19th. Mizuho lowered their target price 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. 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. Finally, UBS Group upped their target price on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $289.90.

Cerebras Systems Stock Performance

Shares of Cerebras Systems stock opened at $108.37 on Tuesday. Cerebras Systems Inc. has a twelve month low of $106.13 and a twelve month high of $386.34. The company has a quick ratio of 5.80, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average price is $179.86.

Cerebras Systems (NASDAQ:CBRS) last posted its earnings results on Wednesday, August 12th. The company reported ($2.98) 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 was up 74.3% on a year-over-year basis. Sell-side analysts expect that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Cerebras Systems Company Profile

Cerebras Systems is a technology company that develops specialized computing systems for artificial intelligence and high-performance computing. Its core product is the Wafer-Scale Engine, a processor designed to provide large-scale computing capacity and high-speed data movement for training and running AI models.

The company offers integrated AI computing systems, including the Cerebras CS series, which combines its wafer-scale processors with supporting hardware and software. Cerebras also provides access to its technology through cloud-based services, enabling businesses, research organizations and other users to develop and deploy AI applications without operating the underlying systems themselves.

Founded in 2015 and headquartered in Sunnyvale, California, Cerebras serves customers in sectors such as technology, government, scientific research and other data-intensive industries.