Parametrica Management Ltd Purchases 5,000 Shares of Cerebras Systems Inc. $CBRS

Parametrica Management Ltd purchased a new stake in Cerebras Systems Inc. (NASDAQ:CBRS) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 5,000 shares of the company’s stock, valued at approximately $888,000. Cerebras Systems comprises 0.6% of Parametrica Management Ltd’s portfolio, making the stock its 21st largest holding.

A number of other institutional investors have also recently bought and sold shares of the business. Fishman Jay A Ltd. MI bought a new stake in shares of Cerebras Systems in the 3rd quarter valued at about $209,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Cerebras Systems during the third quarter worth $201,000. Park Avenue Securities LLC acquired a new stake in shares of Cerebras Systems in the 3rd quarter valued at about $235,000. Johnson & Johnson lifted its stake in Cerebras Systems by 140.1% in the 3rd quarter. Johnson & Johnson now owns 128,649 shares of the company’s stock valued at $22,854,000 after acquiring an additional 75,063 shares in the last quarter. Finally, Revolve Wealth Partners LLC bought a new stake in shares of Cerebras Systems in the third quarter worth $1,854,000.

Insiders Place Their Bets

In related news, COO Dhiraj Mallick sold 396,000 shares of the firm’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $204.04, for a total transaction of $80,799,840.00. Following the transaction, the chief operating officer directly owned 396,000 shares of the company’s stock, valued at approximately $80,799,840. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Vishria sold 68,268 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $229.77, for a total transaction of $15,685,938.36. Following the transaction, the director directly owned 31,383 shares in the company, valued at approximately $7,210,871.91. This represents a 68.51% 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. Insiders sold a total of 1,864,452 shares of company stock valued at $387,680,754 in the last three months.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CBRS. TD Cowen dropped their price objective on Cerebras Systems from $275.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, October 19th. Mizuho lowered their price objective on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Wedbush upped their target price on shares of Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Thursday, August 13th. Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, UBS Group lifted their price target on Cerebras Systems from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cerebras Systems has a consensus rating of “Moderate Buy” and a consensus price target of $289.90.

Cerebras Systems Trading Up 10.1%

Shares of NASDAQ CBRS opened at $119.31 on Wednesday. The firm has a fifty day moving average price of $174.99. Cerebras Systems Inc. has a one year low of $106.13 and a one year high of $386.34. The firm has a market cap of $28.34 billion and a price-to-earnings ratio of -1,491.38.

Cerebras Systems (NASDAQ:CBRS) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The business had revenue of $209.87 million during the quarter. The company’s quarterly revenue was up 74.3% on a year-over-year basis. As a group, research analysts expect that Cerebras Systems Inc. will post -0.52 EPS for the current year.

About Cerebras Systems

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.