Mirae Asset Global Investments Co. Ltd. Acquires New Shares in Cerebras Systems Inc. $CBRS

Mirae Asset Global Investments Co. Ltd. bought a new stake in Cerebras Systems Inc. (NASDAQ:CBRS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,547 shares of the company’s stock, valued at approximately $1,874,000.

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

Insider Activity at Cerebras Systems

In other news, Director Steven Vassallo sold 50,000 shares of the business’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $210.30, for a total value of $10,515,000.00. Following the completion of the sale, the director owned 171,977 shares of the company’s stock, valued at approximately $36,166,763.10. The trade was a 22.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Sean Lie sold 60,000 shares of the business’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $115.79, for a total transaction of $6,947,400.00. Following the completion of the sale, the chief technology officer directly owned 263,592 shares of the company’s stock, valued at approximately $30,521,317.68. The trade was a 18.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,924,452 shares of company stock valued at $394,628,154.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CBRS shares. Mizuho dropped their target price on shares of Cerebras Systems from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Weiss Ratings cut Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a report on Wednesday. Wall Street Zen upgraded Cerebras Systems from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. 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, Jefferies Financial Group upgraded Cerebras Systems to an “outperform” rating in a research note on Monday, October 5th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $281.90.

Cerebras Systems Trading Up 9.8%

NASDAQ:CBRS opened at $89.68 on Friday. The firm has a market cap of $21.30 billion and a PE ratio of -1,121.00. The business’s 50 day moving average price is $159.28. 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 Inc. has a 1-year low of $77.84 and a 1-year high of $386.34.

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

Cerebras Systems Profile

Cerebras Systems develops computing systems and software designed for artificial intelligence and other compute-intensive workloads. Its products are built around the Wafer-Scale Engine, a large processor designed to support AI model training and inference, and include the CS-3 system and related software.

The company also offers cloud-based access to its AI computing infrastructure, giving customers a way to run AI workloads without deploying its systems on site. Its offerings are aimed at organizations developing and operating large AI models, including businesses, research institutions and public-sector customers.

Founded in 2015, Cerebras is headquartered in Sunnyvale, California.