75,063 Cerebras Systems Inc. $CBRS Shares Purchased by Johnson & Johnson

Johnson & Johnson increased its stake in Cerebras Systems Inc. (NASDAQ:CBRS) by 140.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 128,649 shares of the company’s stock after acquiring an additional 75,063 shares during the period. Cerebras Systems accounts for approximately 3.0% of Johnson & Johnson’s holdings, making the stock its 6th largest holding. Johnson & Johnson’s holdings in Cerebras Systems were worth $22,854,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in CBRS. Value Aligned Research Advisors LLC purchased a new stake in Cerebras Systems during the second quarter valued at approximately $241,934,000. Wellington Management Group LLP bought a new stake in shares of Cerebras Systems in the 2nd quarter valued at approximately $194,853,000. State Street Corp purchased a new position in shares of Cerebras Systems in the 2nd quarter worth approximately $105,343,000. Dragoneer Investment Group LLC purchased a new position in shares of Cerebras Systems in the 2nd quarter worth approximately $88,400,000. Finally, Montanova Capital LLC bought a new position in shares of Cerebras Systems during the 2nd quarter valued at approximately $37,990,000.

Cerebras Systems Trading Down 2.2%

Shares of CBRS opened at $108.37 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 5.80. Cerebras Systems Inc. has a 1-year low of $106.13 and a 1-year high of $386.34. The firm’s 50-day moving average is $179.86.

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

Wall Street Analyst Weigh In

CBRS has been the topic of several recent research reports. Weiss Ratings upgraded Cerebras Systems from a “sell (d-)” rating to a “sell (d)” rating in a report on Wednesday, October 21st. Citigroup lowered their price target on Cerebras Systems from $340.00 to $320.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Cerebras Systems in a research note on Wednesday, August 19th. Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, UBS Group boosted their price objective on shares of Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Two 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 issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $289.90.

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, COO Dhiraj Mallick sold 396,000 shares of the company’s stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $204.04, for a total value of $80,799,840.00. Following the completion of the sale, the chief operating officer directly owned 396,000 shares in the company, valued at approximately $80,799,840. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sean Lie sold 120,000 shares of the company’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of $208.97, for a total value of $25,076,400.00. Following the completion of the sale, the chief technology officer owned 309,569 shares of the company’s stock, valued at $64,690,633.93. This represents a 27.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,864,452 shares of company stock valued at $387,680,754 in the last ninety days.

Cerebras Systems Company Profile

Cerebras Systems is a technology company that develops specialized computing systems for artificial intelligence and high-performance computing. Its core product is the Wafer-Scale Engine, a processor designed to provide large-scale computing capacity and high-speed data movement for training and running AI models.

The company offers integrated AI computing systems, including the Cerebras CS series, which combines its wafer-scale processors with supporting hardware and software. Cerebras also provides access to its technology through cloud-based services, enabling businesses, research organizations and other users to develop and deploy AI applications without operating the underlying systems themselves.

Founded in 2015 and headquartered in Sunnyvale, California, Cerebras serves customers in sectors such as technology, government, scientific research and other data-intensive industries.