TD Waterhouse Canada Inc. Makes New Investment in Cerebras Systems Inc. $CBRS

TD Waterhouse Canada Inc. purchased a new position in shares of Cerebras Systems Inc. (NASDAQ:CBRS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,858 shares of the company’s stock, valued at approximately $630,000.

Several other hedge funds also recently modified their holdings of the business. Tiger Pacific Capital LP bought a new position in Cerebras Systems during the second quarter worth $221,000. Proficio Capital Partners LLC acquired a new position in Cerebras Systems during the 2nd quarter valued at $1,383,000. Ratan Capital Management LP bought a new stake in Cerebras Systems in the 2nd quarter valued at $4,641,000. Bank of New York Mellon Corp bought a new stake in Cerebras Systems in the 2nd quarter valued at $6,118,000. Finally, Montanova Capital LLC acquired a new stake in Cerebras Systems in the 2nd quarter worth $37,990,000.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CBRS shares. TD Cowen started coverage on shares of Cerebras Systems in a report on Monday, June 8th. They set a “buy” rating and a $275.00 price objective on the stock. Morgan Stanley lifted their target price on Cerebras Systems from $273.00 to $279.00 and gave the stock an “overweight” rating in a research report on Thursday, August 13th. Craig Hallum initiated coverage on Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $325.00 price target for the company. Wedbush raised their price objective on Cerebras Systems from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Thursday, August 13th. Finally, Weiss Ratings began coverage on Cerebras Systems in a report on Thursday, August 13th. They set a “sell (d)” rating on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $299.90.

Cerebras Systems Stock Down 2.5%

Shares of Cerebras Systems stock opened at $191.34 on Friday. Cerebras Systems Inc. has a 12-month low of $160.81 and a 12-month high of $386.34. The stock’s 50-day moving average price is $202.15.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly 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 business had revenue of $209.87 million for the quarter. Cerebras Systems’s revenue for the quarter 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 fiscal year.

Insiders Place Their Bets

In related news, CEO Andrew Feldman sold 237,559 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $199.27, for a total transaction of $47,338,381.93. Following the sale, the chief executive officer directly owned 16,853 shares in the company, valued at $3,358,297.31. This represents a 93.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Sean Lie sold 710,247 shares of Cerebras Systems stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $207.86, for a total value of $147,631,941.42. Following the completion of the transaction, the chief technology officer owned 368,926 shares of the company’s stock, valued at approximately $76,684,958.36. The trade was a 65.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,432,179 shares of company stock worth $295,596,648 over the last ninety days.

Cerebras Systems Profile

Cerebras Systems develops specialized computing systems and software for artificial intelligence (AI) and machine-learning workloads. The company’s technology is designed to accelerate the training and deployment of large AI models by combining high-performance processors, memory, networking and software into integrated computing platforms.

Its principal products include the Wafer-Scale Engine (WSE), a processor built on a single semiconductor wafer, and the CS-3 AI supercomputer, which is based on the company’s wafer-scale architecture.