ICG Advisors LLC Buys 9,641 Shares of Cerebras Systems Inc. $CBRS

ICG Advisors LLC boosted its stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) by 179.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 15,000 shares of the company’s stock after buying an additional 9,641 shares during the quarter. Cerebras Systems accounts for 7.4% of ICG Advisors LLC’s investment portfolio, making the stock its 4th biggest position. ICG Advisors LLC’s holdings in Cerebras Systems were worth $2,665,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Wealth Enhancement Trust Services Inc. bought a new position in Cerebras Systems in the third quarter valued at approximately $26,000. GK Wealth Management LLC bought a new stake in shares of Cerebras Systems during the 3rd quarter worth approximately $31,000. Silicon Valley Capital Partners bought a new stake in shares of Cerebras Systems during the 2nd quarter worth approximately $44,000. Mather Group LLC. acquired a new stake in shares of Cerebras Systems in the 3rd quarter valued at approximately $44,000. Finally, CoreCap Advisors LLC acquired a new stake in shares of Cerebras Systems in the 3rd quarter valued at approximately $52,000.

Analyst Upgrades and Downgrades

CBRS has been the topic of a number of recent analyst reports. Weiss Ratings downgraded shares of Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a report on Friday, September 25th. UBS Group upped their price target on shares of Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Mizuho cut their price target on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Morgan Stanley increased their price target on shares of Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Finally, Citigroup decreased their price objective on shares of Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Two research 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Stock Down 10.5%

Shares of NASDAQ CBRS traded down $14.96 during midday trading on Friday, hitting $127.21. 11,749,471 shares of the company’s stock were exchanged, compared to its average volume of 9,216,667. The company has a quick ratio of 5.80, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. Cerebras Systems Inc. has a 12 month low of $126.05 and a 12 month high of $386.34. The business has a 50 day moving average of $191.68. The company has a market capitalization of $30.22 billion and a price-to-earnings ratio of -1,590.12.

Cerebras Systems (NASDAQ:CBRS) last posted its earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($2.77). The company had revenue of $209.87 million during the quarter. The business’s revenue for the quarter was up 74.3% compared to the same quarter last year. On average, equities research analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current year.

Insider Buying and Selling at Cerebras Systems

In other Cerebras Systems news, CTO Sean Lie sold 120,000 shares of Cerebras Systems stock in a transaction on Friday, September 25th. The shares were sold at an average price of $208.97, for a total transaction of $25,076,400.00. Following the completion of the transaction, the chief technology officer directly owned 309,569 shares of the company’s stock, valued at $64,690,633.93. The trade was a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Vassallo sold 50,000 shares of the company’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $210.30, for a total transaction of $10,515,000.00. Following the completion of the transaction, the director owned 171,977 shares in the company, valued at approximately $36,166,763.10. This represents a 22.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,864,452 shares of company stock worth $387,680,754.

Cerebras Systems Company Profile

Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and deploying large AI models. The company’s technology is designed to address the computational demands of generative AI, deep learning and other data-intensive workloads.

Its core products include the Wafer-Scale Engine, a purpose-built AI processor produced on a single silicon wafer, and the CS-3 AI supercomputer, which incorporates that processor into an integrated computing system.