State Street Corp Makes New $105.34 Million Investment in Cerebras Systems Inc. $CBRS

Key Points

• State Street invested approximately $105.3 million in Cerebras Systems during the second quarter, acquiring 476,663 shares, while several other funds also initiated positions.
• Cerebras insiders have been significant sellers: the CEO and a director sold about $18.4 million of stock on September 4, and insiders have sold roughly $277 million over the past three months.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $299.90 average price target, despite Cerebras missing its latest quarterly EPS estimate; revenue rose 74.3% year over year to $209.87 million.

State Street Corp bought a new stake 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 firm bought 476,663 shares of the company's stock, valued at approximately $105,343,000. State Street Corp owned approximately 0.20% of Cerebras Systems at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Situational Awareness LP purchased a new stake in shares of Cerebras Systems during the second quarter valued at about $2,210,000. Ratan Capital Management LP bought a new position in shares of Cerebras Systems during the 2nd quarter worth approximately $4,641,000. Proficio Capital Partners LLC bought a new position in shares of Cerebras Systems during the 2nd quarter worth approximately $1,383,000. UNC Management Company Inc. purchased a new stake in Cerebras Systems during the second quarter valued at approximately $4,439,000. Finally, Readystate Asset Management LP acquired a new stake in Cerebras Systems in the second quarter valued at approximately $2,320,000.

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, CEO Andrew D. Feldman sold 37,441 shares of the company's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $210.46, for a total value of $7,879,832.86. Following the sale, the chief executive officer directly owned 16,853 shares of the company's stock, valued at approximately $3,546,882.38. This represents a 68.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven Vassallo sold 50,000 shares of the business's stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $210.30, for a total value of $10,515,000.00. Following the completion of the transaction, the director directly owned 171,977 shares of the company's stock, valued at approximately $36,166,763.10. This trade represents a 22.52% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,324,632 shares of company stock valued at $276,984,949.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CBRS shares. Barclays assumed coverage on Cerebras Systems in a research report on Monday, June 8th. They set an "overweight" rating and a $280.00 price target on the stock. Wall Street Zen upgraded Cerebras Systems from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Mizuho decreased their price target on Cerebras Systems from $310.00 to $300.00 and set an "outperform" rating for the company in a research note on Thursday, August 13th. Needham & Company LLC restated a "buy" rating and set a $300.00 price target on shares of Cerebras Systems in a research note on Wednesday, August 19th. Finally, Citigroup cut their price objective on shares of Cerebras Systems from $340.00 to $320.00 and set a "buy" rating on the stock in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $299.90.

Cerebras Systems Trading Up 0.6%

Cerebras Systems stock opened at $206.41 on Friday. The company's 50-day moving average price is $202.77. Cerebras Systems Inc. has a fifty-two week low of $160.81 and a fifty-two week high of $386.34.

Cerebras Systems (NASDAQ:CBRS - Get Free Report) last released its earnings results on Wednesday, August 12th. The company reported ($2.98) 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 company's revenue for the quarter was up 74.3% compared to the same quarter last year. On average, research analysts forecast that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

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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