Situational Awareness LP Acquires New Holdings in Cerebras Systems Inc. $CBRS

Key Points

• Situational Awareness LP acquired 10,000 Cerebras Systems shares worth approximately $2.21 million in the second quarter. Other institutional investors, including Wellington Management and Montanova Capital, also initiated sizable positions.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and a target price of $299.90, despite ratings ranging from Sell to Strong Buy.
• Cerebras reported $209.87 million in quarterly revenue, up 74.3% year over year, but missed earnings expectations by posting a $2.98 loss per share. Insiders sold more than 1.29 million shares worth approximately $266 million during the quarter.

Situational Awareness LP bought a new stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 10,000 shares of the company's stock, valued at approximately $2,210,000. Cerebras Systems accounts for 0.0% of Situational Awareness LP's investment portfolio, making the stock its 22nd largest position.

Several other large investors also recently made changes to their positions in CBRS. Wellington Management Group LLP bought a new stake in shares of Cerebras Systems during the second quarter valued at approximately $194,853,000. Montanova Capital LLC bought a new position in Cerebras Systems in the 2nd quarter worth approximately $37,990,000. Bank of New York Mellon Corp acquired a new stake in Cerebras Systems in the 2nd quarter valued at approximately $6,118,000. Ratan Capital Management LP acquired a new stake in Cerebras Systems in the 2nd quarter valued at approximately $4,641,000. Finally, Knollwood Investment Advisory LLC bought a new stake in Cerebras Systems during the 2nd quarter valued at $4,576,000.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CBRS shares. Craig Hallum began coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a "buy" rating and a $325.00 price target for the company. Zacks Research upgraded shares of Cerebras Systems to a "hold" rating in a research note on Tuesday, June 9th. Freedom Capital raised shares of Cerebras Systems to a "hold" rating in a report on Monday, June 29th. Needham & Company LLC reiterated a "buy" rating and issued a $300.00 target price on shares of Cerebras Systems in a research report on Wednesday, August 19th. Finally, Weiss Ratings started coverage on shares of Cerebras Systems in a research note on Thursday, August 13th. They set a "sell (d)" rating on the stock. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cerebras Systems has a consensus rating of "Moderate Buy" and a consensus target price of $299.90.

Cerebras Systems Trading Up 3.2%

Shares of Cerebras Systems stock opened at $190.44 on Friday. Cerebras Systems Inc. has a 52 week low of $160.81 and a 52 week high of $386.34. The business has a 50-day simple moving average of $202.90.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The firm 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 predict that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

Insider Buying and Selling at Cerebras Systems

In other Cerebras Systems news, CTO Sean Lie sold 16,293 shares of Cerebras Systems stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $210.01, for a total value of $3,421,692.93. Following the transaction, the chief technology officer owned 368,926 shares in the company, valued at approximately $77,478,149.26. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric Vishria sold 68,268 shares of the company's stock in a transaction on 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 completion of the transaction, the director directly owned 31,383 shares in the company, valued at $7,210,871.91. This represents a 68.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,291,278 shares of company stock valued at $265,966,662.

Cerebras Systems Company 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.

Want to see what other hedge funds are holding CBRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cerebras Systems Inc. (NASDAQ:CBRS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source