Mirae Asset Global Investments Co. Ltd. Purchases New Holdings in Cerebras Systems Inc. $CBRS

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS) during the third quarter, Holdings Channel reports. The firm purchased 10,547 shares of the company’s stock, valued at approximately $1,874,000.

A number of other hedge funds have also recently added to or reduced their stakes in CBRS. ProShare Advisors LLC increased its stake in Cerebras Systems by 56.8% during the 3rd quarter. ProShare Advisors LLC now owns 3,703 shares of the company’s stock worth $658,000 after acquiring an additional 1,341 shares during the period. International Assets Investment Management LLC lifted its position in shares of Cerebras Systems by 1,136.6% during the 3rd quarter. International Assets Investment Management LLC now owns 15,000 shares of the company’s stock valued at $2,665,000 after acquiring an additional 13,787 shares during the period. Birinyi Associates Inc. bought a new stake in shares of Cerebras Systems during the 3rd quarter valued at $370,000. Choreo LLC bought a new stake in shares of Cerebras Systems during the 3rd quarter valued at $492,000. Finally, D.A. Davidson & CO. acquired a new stake in shares of Cerebras Systems during the 3rd quarter worth $896,000.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Weiss Ratings cut Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price target on shares of Cerebras Systems in a research note on Wednesday, August 19th. Freedom Capital raised shares of Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Mizuho reduced their price objective on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Finally, Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cerebras Systems currently has a consensus rating of “Moderate Buy” and an average price target of $281.90.

Cerebras Systems Stock Up 9.8%

Shares of CBRS stock opened at $89.68 on Friday. The company has a market cap of $21.30 billion and a price-to-earnings ratio of -1,121.00. Cerebras Systems Inc. has a twelve month low of $77.84 and a twelve month high of $386.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 5.80. The stock’s fifty day moving average price is $159.28.

Cerebras Systems (NASDAQ:CBRS) last posted 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 business had revenue of $209.87 million during the quarter. Cerebras Systems’s quarterly revenue was up 74.3% on a year-over-year basis. As a group, equities research analysts expect that Cerebras Systems Inc. will post -0.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Andrew D. Feldman sold 237,559 shares of Cerebras Systems stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the sale, the chief executive officer directly owned 16,853 shares in the company, valued at $3,358,297.31. This trade represents a 93.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven Vassallo sold 50,000 shares of the business’s stock in a transaction that occurred 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 sale, the director directly owned 171,977 shares in the company, valued at $36,166,763.10. The trade was a 22.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,924,452 shares of company stock valued at $394,628,154 over the last three months.

About Cerebras Systems

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.