21,000 Shares in Cerebras Systems Inc. $CBRS Purchased by Ratan Capital Management LP

Ratan Capital Management LP acquired a new stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,000 shares of the company’s stock, valued at approximately $4,641,000. Cerebras Systems accounts for 1.5% of Ratan Capital Management LP’s investment portfolio, making the stock its 16th largest holding.

Separately, Tiger Pacific Capital LP purchased a new stake in Cerebras Systems during the 2nd quarter valued at $221,000.

Wall Street Analyst Weigh In

A number of research firms recently commented on CBRS. Morgan Stanley lifted their price target on shares of Cerebras Systems from $273.00 to $279.00 and gave the stock an “overweight” rating in a research note on Thursday, August 13th. Zacks Research raised shares of Cerebras Systems to a “hold” rating in a research note on Tuesday, June 9th. Rosenblatt Securities restated a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a research report on Wednesday, August 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, August 19th. Finally, Mizuho reduced their price target on Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $299.90.

Cerebras Systems Stock Down 4.1%

Shares of CBRS opened at $179.08 on Friday. The company’s fifty day moving average is $204.32. Cerebras Systems Inc. has a 12-month low of $160.81 and a 12-month high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last posted its quarterly 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 company had revenue of $209.87 million for the quarter. The firm’s revenue was up 74.3% compared to the same quarter last year. Analysts predict that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Insider Buying and Selling at Cerebras Systems

In related news, Director Steven Vassallo sold 50,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $218.18, for a total value of $10,909,000.00. Following the transaction, the director owned 49,599 shares of the company’s stock, valued at $10,821,509.82. This represents a 50.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Dhiraj Mallick sold 38,889 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total value of $8,641,913.58. Following the transaction, the chief operating officer owned 120,000 shares in the company, valued at $26,666,400. The trade was a 24.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In 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.