171,900 Shares in Cerebras Systems Inc. $CBRS Purchased by Montanova Capital LLC

Key Points

• Montanova Capital purchased 171,900 Cerebras Systems shares worth approximately $37.99 million, while Wellington Management also acquired a sizable new position valued at about $194.85 million.
• Cerebras reported quarterly revenue of $209.87 million, up 74.3% year over year, but its $2.98 per-share loss significantly missed the $0.21 consensus estimate.
• Insiders sold approximately 1.29 million shares worth $266 million during the quarter, even as analysts maintained a “Moderate Buy” consensus with an average price target of $299.90.

Montanova Capital LLC purchased a new stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 171,900 shares of the company's stock, valued at approximately $37,990,000. Montanova Capital LLC owned 0.08% of Cerebras Systems as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new position in Cerebras Systems in the second quarter valued at about $6,118,000. Tiger Pacific Capital LP bought a new position in shares of Cerebras Systems during the 2nd quarter worth $221,000. Ratan Capital Management LP purchased a new stake in Cerebras Systems in the 2nd quarter worth about $4,641,000. Finally, Wellington Management Group LLP bought a new stake in Cerebras Systems in the 2nd quarter valued at about $194,853,000.

Cerebras Systems Price Performance

Shares of CBRS opened at $184.19 on Tuesday. The firm's fifty day moving average price is $203.51. Cerebras Systems Inc. has a twelve month low of $160.81 and a twelve month high of $386.34.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last released its quarterly earnings data 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 business had revenue of $209.87 million for the quarter. Cerebras Systems's revenue was up 74.3% on a year-over-year basis. As a group, equities research analysts forecast that Cerebras Systems Inc. will post -0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Sean Lie sold 16,293 shares of Cerebras Systems stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $210.01, for a total value of $3,421,692.93. Following the sale, the chief technology officer directly owned 368,926 shares in the company, valued at approximately $77,478,149.26. This trade represents a 4.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew D. Feldman sold 237,559 shares of the business'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 value of $47,338,381.93. Following the transaction, the chief executive officer directly owned 16,853 shares in the company, valued at $3,358,297.31. This trade represents a 93.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,291,278 shares of company stock worth $265,966,662.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CBRS shares. Wall Street Zen raised shares of Cerebras Systems from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Rosenblatt Securities reissued a "buy" rating and set a $300.00 price objective on shares of Cerebras Systems in a report on Wednesday, August 19th. TD Cowen started coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a "buy" rating and a $275.00 target price on the stock. Citigroup decreased their price target on shares of Cerebras Systems from $340.00 to $320.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. Finally, Zacks Research raised Cerebras Systems to a "hold" rating in a research note on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $299.90.

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.

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