TD Waterhouse Canada Inc. Makes New $630,000 Investment in Cerebras Systems Inc. $CBRS

TD Waterhouse Canada Inc. bought a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,858 shares of the company’s stock, valued at approximately $630,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Proficio Capital Partners LLC bought a new position in Cerebras Systems in the 2nd quarter worth approximately $1,383,000. Montanova Capital LLC bought a new position in Cerebras Systems in the 2nd quarter valued at $37,990,000. Wellington Management Group LLP acquired a new stake in shares of Cerebras Systems in the 2nd quarter valued at $194,853,000. Ratan Capital Management LP acquired a new stake in shares of Cerebras Systems in the 2nd quarter valued at $4,641,000. Finally, Tiger Pacific Capital LP bought a new stake in shares of Cerebras Systems during the second quarter worth $221,000.

Cerebras Systems Stock Down 2.5%

Shares of NASDAQ:CBRS opened at $191.34 on Friday. The firm has a 50 day moving average price of $202.15. Cerebras Systems Inc. has a 52 week low of $160.81 and a 52 week high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings data 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 for the quarter. Cerebras Systems’s quarterly revenue was up 74.3% on a year-over-year basis. On average, research analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, CTO Sean Lie sold 710,247 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $207.86, for a total value of $147,631,941.42. Following the completion of the sale, the chief technology officer directly owned 368,926 shares in the company, valued at $76,684,958.36. This represents a 65.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew Feldman sold 237,559 shares of Cerebras Systems stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $199.27, for a total value of $47,338,381.93. Following the transaction, the chief executive officer owned 16,853 shares in the company, valued at $3,358,297.31. This trade represents a 93.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,432,179 shares of company stock valued at $295,596,648.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Freedom Capital raised Cerebras Systems to a “hold” rating in a research note on Monday, June 29th. UBS Group boosted their price objective on Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Wall Street Zen raised shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Needham & Company LLC reiterated a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, August 19th. Finally, Zacks Research raised shares of Cerebras Systems to a “hold” rating in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cerebras Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $299.90.

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.