Wellington Management Group LLP Takes Position in Cerebras Systems Inc. $CBRS

Wellington Management Group LLP acquired a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 881,688 shares of the company’s stock, valued at approximately $194,853,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CBRS. Ratan Capital Management LP bought a new position in Cerebras Systems in the second quarter valued at $4,641,000. Tiger Pacific Capital LP purchased a new position in shares of Cerebras Systems in the 2nd quarter worth about $221,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Cerebras Systems in the 2nd quarter worth about $6,118,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CBRS shares. Wedbush raised their price objective on Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. Zacks Research upgraded shares of Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. Weiss Ratings began coverage on shares of Cerebras Systems in a research note on Thursday, August 13th. They set a “sell (d)” rating on the stock. Craig Hallum started coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $325.00 price objective for the company. Finally, Freedom Capital raised shares of Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $299.90.

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, CEO Andrew D. Feldman sold 237,559 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $199.27, for a total value of $47,338,381.93. Following the completion of the sale, the chief executive officer owned 16,853 shares in the company, valued at approximately $3,358,297.31. The trade was a 93.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eric Vishria sold 68,268 shares of the stock in a transaction that occurred 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 sale, the director directly owned 31,383 shares of the company’s stock, valued at approximately $7,210,871.91. This trade 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. In the last ninety days, insiders have sold 1,291,278 shares of company stock valued at $265,966,662.

Cerebras Systems Trading Up 2.9%

CBRS opened at $184.19 on Tuesday. Cerebras Systems Inc. has a 12 month low of $160.81 and a 12 month high of $386.34. The business has a 50-day moving average of $203.51.

Cerebras Systems (NASDAQ:CBRS) last issued 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. On average, analysts predict that Cerebras Systems Inc. will post -0.52 earnings per share for the current year.

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.