UNC Management Company Inc. Makes New Investment in Cerebras Systems Inc. $CBRS

UNC Management Company Inc. acquired a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS) in the second quarter, HoldingsChannel reports. The institutional investor acquired 20,084 shares of the company’s stock, valued at approximately $4,439,000. Cerebras Systems comprises 0.2% of UNC Management Company Inc.’s portfolio, making the stock its 6th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Tiger Pacific Capital LP acquired a new stake in Cerebras Systems during the 2nd quarter worth approximately $221,000. TD Waterhouse Canada Inc. bought a new stake in Cerebras Systems in the 2nd quarter valued at $630,000. Fortitude Advisory Group L.L.C. acquired a new position in Cerebras Systems in the 2nd quarter valued at $705,000. Proficio Capital Partners LLC acquired a new position in Cerebras Systems in the 2nd quarter valued at $1,383,000. Finally, Situational Awareness LP bought a new position in Cerebras Systems during the 2nd quarter worth $2,210,000.

Wall Street Analysts Forecast Growth

CBRS has been the subject of a number of recent research reports. 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 report on Thursday, August 13th. Freedom Capital upgraded shares of Cerebras Systems to a “hold” rating in a research report on Monday, June 29th. Craig Hallum started 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. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Cerebras Systems in a research report on Wednesday, August 19th. Finally, Weiss Ratings initiated coverage on 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $299.90.

Cerebras Systems Price Performance

CBRS opened at $210.05 on Friday. Cerebras Systems Inc. has a twelve month low of $160.81 and a twelve month high of $386.34. The business’s 50-day moving average price is $203.47.

Cerebras Systems (NASDAQ:CBRS) last released its 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 business had revenue of $209.87 million for the quarter. The firm’s quarterly revenue was up 74.3% compared to the same quarter last year. As a group, analysts anticipate that Cerebras Systems Inc. will post -0.52 EPS for the current fiscal year.

Insider Buying and Selling at Cerebras Systems

In other Cerebras Systems news, COO Dhiraj Mallick sold 38,889 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total transaction of $8,641,913.58. Following the completion of the sale, the chief operating officer directly owned 120,000 shares in the company, valued at $26,666,400. This represents a 24.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew D. Feldman sold 237,559 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $199.27, for a total value of $47,338,381.93. Following the sale, the chief executive officer owned 16,853 shares of the company’s stock, valued at $3,358,297.31. The trade was a 93.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,291,278 shares of company stock worth $265,966,662 in the last three months.

About Cerebras Systems

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.