Sumitomo Mitsui Trust Group Inc. Buys 183,035 Shares of Cerebras Systems Inc. $CBRS

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) by 59.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 490,139 shares of the company’s stock after purchasing an additional 183,035 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Cerebras Systems were worth $87,073,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Cerebras Systems in the third quarter valued at about $1,874,000. ProShare Advisors LLC grew its position in Cerebras Systems by 56.8% during the third quarter. ProShare Advisors LLC now owns 3,703 shares of the company’s stock worth $658,000 after buying an additional 1,341 shares in the last quarter. International Assets Investment Management LLC increased its stake in Cerebras Systems by 1,136.6% during the third quarter. International Assets Investment Management LLC now owns 15,000 shares of the company’s stock valued at $2,665,000 after acquiring an additional 13,787 shares during the period. Birinyi Associates Inc. bought a new position in Cerebras Systems during the third quarter valued at about $370,000. Finally, Choreo LLC bought a new position in Cerebras Systems during the third quarter valued at about $492,000.

Analysts Set New Price Targets

CBRS has been the subject of a number of research reports. Mizuho reduced their price objective on Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Wedbush boosted their price objective on Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. Freedom Capital upgraded Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Morgan Stanley upped their target price on Cerebras Systems from $273.00 to $279.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Finally, Jefferies Financial Group raised Cerebras Systems to an “outperform” rating in a research report on Monday, October 5th. 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $281.90.

Cerebras Systems News Roundup

Here are the key news stories impacting Cerebras Systems this week:

• Positive Sentiment: UBS maintained a “buy” rating. UBS lowered its price target from $330 to $250 but still sees substantial potential upside from the current share price. The target reduction reflects a more cautious outlook, while the continued buy rating provides some support for the stock. Why Cerebras Systems Stock Is Plummeting Today
• Neutral Sentiment: Investor law firms announced investigations. Levi & Korsinsky and Block & Leviton said they are investigating Cerebras Systems over potential securities-law violations and encouraged investors with significant losses to contact them. These announcements do not establish wrongdoing, but they add legal and reputational uncertainty. CBRS Investor Alert: Levi & Korsinsky Investigation Levi & Korsinsky Securities Fraud Investigation Block & Leviton Cerebras Investigation
• Negative Sentiment: A short-seller report remains the primary catalyst for the decline. Cerebras shares continued falling after Culper Research disclosed a short position, prompting investors to reassess the company’s business prospects and valuation. Cerebras Stock Hits All-Time Low
• Negative Sentiment: Bearish options activity signals increased downside hedging. Traders purchased 58,502 put options, about 24% above average volume, suggesting elevated demand for protection against further declines or for bearish positions.

Insider Buying and Selling

In other news, CTO Sean Lie sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $115.79, for a total value of $6,947,400.00. Following the sale, the chief technology officer directly owned 263,592 shares in the company, valued at approximately $30,521,317.68. This represents a 18.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Yagnesh Patel sold 1,320 shares of the stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $204.50, for a total value of $269,940.00. Following the completion of the transaction, the chief accounting officer directly owned 15,356 shares of the company’s stock, valued at approximately $3,140,302. The trade was a 7.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,924,452 shares of company stock worth $394,628,154.

Cerebras Systems Stock Performance

Shares of Cerebras Systems stock opened at $96.36 on Tuesday. The firm has a market cap of $22.89 billion and a price-to-earnings ratio of -1,204.50. The company’s 50-day simple moving average is $166.82. Cerebras Systems Inc. has a twelve month low of $95.03 and a twelve month high of $386.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.80 and a current ratio of 5.82.

Cerebras Systems (NASDAQ:CBRS) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share (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. Cerebras Systems’s revenue for the quarter was up 74.3% compared to the same quarter last year. On average, equities analysts forecast that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

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.