Bank of New York Mellon Corp Takes $6.12 Million Position in Cerebras Systems Inc. $CBRS

Key Points

• Bank of New York Mellon acquired 27,682 Cerebras Systems shares worth approximately $6.12 million during the second quarter.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $299.90, versus the stock’s reported opening price of $210.05.
• Cerebras reported quarterly revenue of $209.87 million, up 74.3% year over year, but missed earnings estimates with an EPS loss of $2.98. Insiders have sold approximately $266 million worth of shares over the past 90 days.

Bank of New York Mellon Corp purchased a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 27,682 shares of the company's stock, valued at approximately $6,118,000.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CBRS shares. Zacks Research upgraded Cerebras Systems to a "hold" rating in a report on Tuesday, June 9th. 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 research report on Thursday, August 13th. Freedom Capital raised Cerebras Systems to a "hold" rating in a research report on Monday, June 29th. Craig Hallum assumed coverage on Cerebras Systems in a report on Monday, June 8th. They set a "buy" rating and a $325.00 price target on the stock. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $300.00 price objective on shares of Cerebras Systems in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $299.90.

Cerebras Systems Price Performance

NASDAQ:CBRS opened at $210.05 on Friday. The company's fifty day simple moving average is $203.47. 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 announced its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The business had revenue of $209.87 million for the quarter. The business's quarterly revenue was up 74.3% on a year-over-year basis. Equities research analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Insider Buying and Selling

In other news, COO Dhiraj Mallick sold 38,889 shares of the firm's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total transaction of $8,641,913.58. Following the transaction, the chief operating officer directly owned 120,000 shares of the company's stock, valued at approximately $26,666,400. This trade represents a 24.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Eric Vishria sold 68,268 shares of the stock in a transaction dated 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 sale, the director owned 31,383 shares of the company's stock, valued at $7,210,871.91. This represents a 68.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,291,278 shares of company stock worth $265,966,662 over the last 90 days.

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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