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

Situational Awareness LP bought a new stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) 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) 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.