National Pension Service Acquires Shares of 10,000 Cerebras Systems Inc. $CBRS

Key Points

• National Pension Service acquired 10,000 Cerebras Systems shares during the second quarter, valued at approximately $2.21 million. Several other institutional investors also initiated positions in the AI-computing company.
• Cerebras reported quarterly revenue of $209.87 million, up 74.3% year over year, but its loss of $2.98 per share substantially missed analysts’ expected loss of $0.21.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $299.90, while insiders sold approximately 1.43 million shares worth $295.6 million over the past 90 days.

National Pension Service bought a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,000 shares of the company's stock, valued at approximately $2,210,000.

Several other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc bought a new stake in shares of Cerebras Systems during the second quarter valued at approximately $169,000. Integrated Wealth Concepts LLC purchased a new position in Cerebras Systems during the second quarter valued at $197,000. Corient Private Wealth LP purchased a new position in Cerebras Systems during the second quarter valued at $205,000. Tiger Pacific Capital LP bought a new stake in shares of Cerebras Systems during the 2nd quarter valued at $221,000. Finally, Carlson Financial Inc. bought a new stake in shares of Cerebras Systems during the 2nd quarter valued at $322,000.

Insider Activity at Cerebras Systems

In other Cerebras Systems news, COO Dhiraj Mallick sold 38,889 shares of the stock in a transaction on 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 sale, the chief operating officer directly owned 120,000 shares in the company, valued at approximately $26,666,400. This trade represents a 24.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Yagnesh Patel sold 4,574 shares of Cerebras Systems stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total value of $1,016,434.28. Following the completion of the sale, the chief accounting officer directly owned 16,676 shares of the company's stock, valued at approximately $3,705,740.72. The trade was a 21.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,432,179 shares of company stock valued at $295,596,648 over the last ninety days.

Cerebras Systems Stock Performance

Shares of Cerebras Systems stock opened at $191.93 on Monday. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34. The stock has a 50-day moving average price of $201.89.

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 for the quarter, missing analysts' consensus estimates 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. As a group, analysts expect that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CBRS shares. Mizuho lowered their price target on shares of Cerebras Systems from $310.00 to $300.00 and set an "outperform" rating for the company in a research report on Thursday, August 13th. Barclays initiated coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued an "overweight" rating and a $280.00 price objective on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $300.00 target price on shares of Cerebras Systems in a report on Wednesday, August 19th. Citigroup dropped their price target 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. Finally, Wedbush upped their price target on Cerebras Systems from $280.00 to $290.00 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $299.90.

About Cerebras Systems

Cerebras Systems develops specialized computing systems and software for artificial intelligence (AI) and machine-learning workloads. The company's technology is designed to accelerate the training and deployment of large AI models by combining high-performance processors, memory, networking and software into integrated computing platforms.

Its principal products include the Wafer-Scale Engine (WSE), a processor built on a single semiconductor wafer, and the CS-3 AI supercomputer, which is based on the company's wafer-scale architecture.

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