Baring Financial LLC Raises Holdings in Cerebras Systems Inc. $CBRS

Baring Financial LLC boosted its stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) by 268.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,026 shares of the company’s stock after buying an additional 3,662 shares during the period. Baring Financial LLC’s holdings in Cerebras Systems were worth $893,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Freedom Capital upgraded Cerebras Systems from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Weiss Ratings cut Cerebras Systems from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, September 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $300.00 price objective on shares of Cerebras Systems in a report on Wednesday, August 19th. Zacks Research raised Cerebras Systems to a “hold” rating in a research report on Tuesday, June 9th. Finally, Jefferies Financial Group upgraded shares of Cerebras Systems to an “outperform” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $299.90.

Cerebras Systems Price Performance

Shares of NASDAQ:CBRS traded down $2.05 during mid-day trading on Wednesday, reaching $175.05. 5,352,695 shares of the company traded hands, compared to its average volume of 7,245,977. The stock’s 50 day simple moving average is $200.82. The company has a market capitalization of $41.58 billion and a price-to-earnings ratio of -2,188.12. The company has a current ratio of 5.82, a quick ratio of 5.80 and a debt-to-equity ratio of 0.02. Cerebras Systems Inc. has a 52 week low of $160.81 and a 52 week high of $386.34.

Cerebras Systems (NASDAQ:CBRS) last issued its earnings results 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 company 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. On average, research analysts predict that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Robert Patrick Jr. Komin sold 32,500 shares of the stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $203.53, for a total transaction of $6,614,725.00. Following the sale, the chief financial officer owned 30,670 shares in the company, valued at approximately $6,242,265.10. This represents a 51.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 on Monday, September 28th. The shares were sold at an average price of $204.50, for a total transaction of $269,940.00. Following the completion of the sale, the chief accounting officer directly owned 15,356 shares in the company, valued at approximately $3,140,302. This represents a 7.92% 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. Insiders have sold a total of 1,864,452 shares of company stock valued at $387,680,754 in the last three months.

About Cerebras Systems

Cerebras Systems is an artificial intelligence computing company that develops specialized hardware and software for training and deploying large AI models. The company’s technology is designed to address the computational demands of generative AI, deep learning and other data-intensive workloads.

Its core products include the Wafer-Scale Engine, a purpose-built AI processor produced on a single silicon wafer, and the CS-3 AI supercomputer, which incorporates that processor into an integrated computing system.