Cerebras Systems Inc. $CBRS Stake Increased by Parallel Advisors LLC

Key Points

• Parallel Advisors increased its Cerebras stake by 2,138.2% in the third quarter, ending the period with 21,733 shares valued at about $3.86 million. Several other investment firms also initiated positions.
• Company insiders sold a combined 1.92 million shares worth about $394.6 million over three months. CEO Andrew Feldman’s sale reduced his direct ownership by 93.38%.
• Cerebras reported quarterly revenue of $209.87 million, up 74.3% year over year, but missed the consensus EPS estimate. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $281.90.

Parallel Advisors LLC increased its holdings in shares of Cerebras Systems Inc. (NASDAQ:CBRS - Free Report) by 2,138.2% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,733 shares of the company's stock after purchasing an additional 20,762 shares during the quarter. Parallel Advisors LLC's holdings in Cerebras Systems were worth $3,861,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Wealth Enhancement Trust Services Inc. acquired a new position in Cerebras Systems during the third quarter valued at approximately $26,000. Blue Bell Private Wealth Management LLC purchased a new stake in Cerebras Systems during the third quarter worth approximately $31,000. GK Wealth Management LLC purchased a new stake in Cerebras Systems during the third quarter worth approximately $31,000. Silicon Valley Capital Partners acquired a new stake in shares of Cerebras Systems in the second quarter worth $44,000. Finally, Torren Management LLC acquired a new stake in shares of Cerebras Systems in the third quarter worth $39,000.

Insider Activity

In related news, Director Steven Vassallo sold 50,000 shares of the firm's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $210.30, for a total transaction of $10,515,000.00. Following the transaction, the director directly owned 171,977 shares in the company, valued at $36,166,763.10. This trade represents a 22.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Andrew Feldman sold 237,559 shares of Cerebras Systems stock in a transaction on Friday, August 21st. The stock was sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the completion of the transaction, the chief executive officer directly owned 16,853 shares of the company's stock, valued at approximately $3,358,297.31. This represents a 93.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,924,452 shares of company stock valued at $394,628,154 over the last three months.

Cerebras Systems Price Performance

Shares of NASDAQ CBRS opened at $89.68 on Monday. The company's 50 day moving average price is $159.28. Cerebras Systems Inc. has a 52-week low of $77.84 and a 52-week high of $386.34. The firm has a market capitalization of $21.30 billion and a PE ratio of -1,121.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 5.80.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($2.98) EPS for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The firm had revenue of $209.87 million during the quarter. Cerebras Systems's revenue for the quarter was up 74.3% on a year-over-year basis. On average, analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. TD Cowen cut their target price on shares of Cerebras Systems from $275.00 to $175.00 and set a "buy" rating on the stock in a research note on Monday, October 19th. Wedbush upped their price target on shares of Cerebras Systems from $280.00 to $290.00 and gave the stock an "outperform" rating in a research report on Thursday, August 13th. Rosenblatt Securities reaffirmed a "buy" rating and set a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, August 19th. Jefferies Financial Group upgraded Cerebras Systems to an "outperform" rating in a report on Monday, October 5th. Finally, Citigroup cut their price objective on Cerebras Systems from $340.00 to $320.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $281.90.

Cerebras Systems Company Profile

Cerebras Systems develops computing systems and software designed for artificial intelligence and other compute-intensive workloads. Its products are built around the Wafer-Scale Engine, a large processor designed to support AI model training and inference, and include the CS-3 system and related software.

The company also offers cloud-based access to its AI computing infrastructure, giving customers a way to run AI workloads without deploying its systems on site. Its offerings are aimed at organizations developing and operating large AI models, including businesses, research institutions and public-sector customers.

Founded in 2015, Cerebras is headquartered in Sunnyvale, California.

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