24,500 Shares in Cerebras Systems Inc. $CBRS Acquired by Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD

Key Points

• Kranot Hishtalmut Le Morim Tichoniim acquired 24,500 Cerebras Systems shares worth approximately $5.4 million during the second quarter. Several other institutional investors also initiated sizable positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $299.90; UBS raised its target to $330.
• Cerebras reported quarterly revenue of $209.87 million, up 74.3% year over year, but missed EPS estimates significantly. Meanwhile, insiders sold 1.43 million shares valued at nearly $295.6 million over the past three months.

Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD acquired a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 24,500 shares of the company's stock, valued at approximately $5,414,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Value Aligned Research Advisors LLC bought a new stake in shares of Cerebras Systems during the second quarter worth $241,934,000. Wellington Management Group LLP bought a new position in Cerebras Systems in the second quarter valued at about $194,853,000. Montanova Capital LLC acquired a new stake in Cerebras Systems in the second quarter worth about $37,990,000. Bank of New York Mellon Corp bought a new stake in Cerebras Systems during the 2nd quarter worth about $6,118,000. Finally, Ratan Capital Management LP acquired a new position in Cerebras Systems during the 2nd quarter valued at about $4,641,000.

Analysts Set New Price Targets

CBRS has been the subject of several analyst reports. Zacks Research upgraded shares of Cerebras Systems to a "hold" rating in a research report on Tuesday, June 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, August 19th. UBS Group lifted 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. Rosenblatt Securities reiterated a "buy" rating and set a $300.00 target price on shares of Cerebras Systems in a research report on Wednesday, August 19th. Finally, Freedom Capital upgraded shares of Cerebras Systems to a "hold" rating in a research report on Monday, June 29th. One 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $299.90.

Insider Activity at Cerebras Systems

In related news, CEO Andrew Feldman sold 37,441 shares of the firm's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $210.46, for a total transaction of $7,879,832.86. Following the sale, the chief executive officer directly owned 16,853 shares in the company, valued at $3,546,882.38. This trade represents a 68.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Sean Lie sold 53,460 shares of the business's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $210.16, for a total transaction of $11,235,153.60. Following the completion of the sale, the chief technology officer directly owned 345,569 shares in the company, valued at $72,624,781.04. This represents a 13.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,432,179 shares of company stock valued at $295,596,648 over the last three months.

Cerebras Systems Price Performance

Shares of CBRS opened at $199.77 on Wednesday. The company has a 50 day simple moving average of $202.92. Cerebras Systems Inc. has a 52-week low of $160.81 and a 52-week high of $386.34.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last posted 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. The business's quarterly revenue was up 74.3% compared to the same quarter last year. Equities analysts forecast that Cerebras Systems Inc. will post -0.52 EPS for the current year.

About Cerebras Systems

Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and running large AI models. Its technology is designed to provide high-performance computing while reducing the complexity associated with connecting large numbers of conventional processors.

The company's primary products include the Wafer Scale Engine, a processor built on a single silicon wafer, and the CS-2 and CS-3 AI systems that incorporate this technology.

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