Brighton Jones LLC Makes New Investment in Cerebras Systems Inc. $CBRS

Brighton Jones LLC acquired a new stake in Cerebras Systems Inc. (NASDAQ:CBRS) during the third quarter, HoldingsChannel reports. The fund acquired 13,609 shares of the company’s stock, valued at approximately $2,418,000.

Other institutional investors also recently bought and sold shares of the company. Value Aligned Research Advisors LLC acquired a new stake in shares of Cerebras Systems in the 2nd quarter worth $241,934,000. Wellington Management Group LLP purchased a new stake in shares of Cerebras Systems in the second quarter valued at about $194,853,000. State Street Corp purchased a new stake in shares of Cerebras Systems in the second quarter valued at about $105,343,000. Dragoneer Investment Group LLC acquired a new position in shares of Cerebras Systems during the second quarter worth about $88,400,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Cerebras Systems by 59.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 490,139 shares of the company’s stock worth $87,073,000 after acquiring an additional 183,035 shares during the period.

Analyst Ratings Changes

Several research firms recently issued reports on CBRS. Jefferies Financial Group raised shares of Cerebras Systems to an “outperform” rating in a report on Monday, October 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a report on Wednesday, August 19th. Freedom Capital upgraded Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Wall Street Zen raised Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Needham & Company LLC reissued a “buy” rating and set a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cerebras Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $261.80.

Cerebras Systems Price Performance

Cerebras Systems stock opened at $96.70 on Tuesday. Cerebras Systems Inc. has a one year low of $77.84 and a one year high of $386.34. The firm has a fifty day simple moving average of $157.63. 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 (NASDAQ:CBRS) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($2.98) earnings per share 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 for the quarter was up 74.3% compared to the same quarter last year. On average, analysts expect that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at Cerebras Systems

In other Cerebras Systems news, CTO Sean Lie sold 60,000 shares of the company’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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Patrick Jr. Komin sold 32,500 shares of the stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $203.53, for a total transaction of $6,614,725.00. Following the completion of the transaction, the chief financial officer directly owned 30,670 shares of the company’s stock, valued at approximately $6,242,265.10. This trade represents a 51.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,924,452 shares of company stock valued at $394,628,154.

Cerebras Systems Company 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.