National Pension Service Invests $2.21 Million in Cerebras Systems Inc. $CBRS

National Pension Service acquired a new stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 10,000 shares of the company’s stock, valued at approximately $2,210,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CBRS. Situational Awareness LP purchased a new stake in Cerebras Systems during the 2nd quarter valued at $2,210,000. Ratan Capital Management LP purchased a new position in shares of Cerebras Systems in the 2nd quarter worth $4,641,000. Proficio Capital Partners LLC purchased a new position in shares of Cerebras Systems in the 2nd quarter worth $1,383,000. Value Aligned Research Advisors LLC bought a new stake in shares of Cerebras Systems in the second quarter worth $241,934,000. Finally, Montanova Capital LLC purchased a new stake in Cerebras Systems during the second quarter valued at $37,990,000.

Analysts Set New Price Targets

A number of research analysts have weighed in on CBRS shares. Barclays began coverage on Cerebras Systems in a report on Monday, June 8th. They issued an “overweight” rating and a $280.00 target price on the stock. Morgan Stanley upped their price target on shares of Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, August 19th. Zacks Research raised shares of Cerebras Systems to a “hold” rating in a report on Tuesday, June 9th. Finally, Freedom Capital raised shares of Cerebras Systems to a “hold” rating in a report on Monday, June 29th. One equities 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $299.90.

Insider Activity

In related news, COO Dhiraj Mallick sold 38,889 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $222.22, for a total value of $8,641,913.58. Following the completion of the sale, the chief operating officer directly owned 120,000 shares of the company’s stock, valued at approximately $26,666,400. This represents a 24.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Sean Lie sold 710,247 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $207.86, for a total transaction of $147,631,941.42. Following the sale, the chief technology officer owned 368,926 shares in the company, valued at approximately $76,684,958.36. The trade was a 65.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,432,179 shares of company stock worth $295,596,648.

Cerebras Systems Price Performance

NASDAQ:CBRS opened at $191.93 on Monday. Cerebras Systems Inc. has a one year low of $160.81 and a one year high of $386.34. The business has a fifty day moving average of $201.89.

Cerebras Systems (NASDAQ:CBRS) last released its earnings results 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 company had revenue of $209.87 million during the quarter. The company’s revenue was up 74.3% on a year-over-year basis. Sell-side analysts expect that Cerebras Systems Inc. will post -0.52 EPS for the current fiscal year.

Cerebras Systems Profile

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.