20,706 Shares in Cerebras Systems Inc. $CBRS Acquired by Knollwood Investment Advisory LLC

Knollwood Investment Advisory LLC bought a new stake in Cerebras Systems Inc. (NASDAQ:CBRS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 20,706 shares of the company’s stock, valued at approximately $4,576,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. TD Waterhouse Canada Inc. purchased a new position in Cerebras Systems in the 2nd quarter worth approximately $630,000. Proficio Capital Partners LLC purchased a new stake in shares of Cerebras Systems during the 2nd quarter valued at $1,383,000. Montanova Capital LLC bought a new stake in shares of Cerebras Systems during the 2nd quarter worth $37,990,000. Wellington Management Group LLP bought a new stake in shares of Cerebras Systems during the 2nd quarter worth $194,853,000. Finally, Ratan Capital Management LP purchased a new position in Cerebras Systems in the second quarter worth $4,641,000.

Cerebras Systems Price Performance

Shares of Cerebras Systems stock opened at $190.44 on Friday. Cerebras Systems Inc. has a 52-week low of $160.81 and a 52-week high of $386.34. The firm has a fifty day simple moving average of $202.90.

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

Insider Buying and Selling at Cerebras Systems

In other news, CAO Yagnesh Patel sold 4,574 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $222.22, for a total transaction of $1,016,434.28. Following the transaction, the chief accounting officer directly owned 16,676 shares of the company’s stock, valued at approximately $3,705,740.72. This trade represents a 21.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Eric Vishria sold 68,268 shares of Cerebras Systems stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $229.77, for a total value of $15,685,938.36. Following the completion of the transaction, the director owned 31,383 shares in the company, valued at approximately $7,210,871.91. This represents a 68.51% decrease in their position. 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 quarter, insiders sold 1,291,278 shares of company stock valued at $265,966,662.

Wall Street Analysts Forecast Growth

CBRS has been the topic of a number of research analyst reports. TD Cowen initiated coverage on Cerebras Systems in a research note on Monday, June 8th. They issued a “buy” rating and a $275.00 target price on the stock. Weiss Ratings started coverage on Cerebras Systems in a research note on Thursday, August 13th. They set a “sell (d)” rating for the company. Morgan Stanley upped their price objective on Cerebras Systems from $273.00 to $279.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. UBS Group increased their price objective on Cerebras Systems from $320.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Finally, Freedom Capital raised Cerebras Systems to a “hold” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $299.90.

About Cerebras Systems

Cerebras Systems is a technology company focused on building artificial intelligence infrastructure, including hardware and software designed to accelerate deep learning and large-scale AI workloads. The company is best known for its wafer-scale processor architecture, which is intended to provide high-performance compute for training and inference applications.

In addition to its AI chips, Cerebras offers systems and related software tools that support researchers and enterprises working with machine learning models.