Raiffeisen Bank International AG Makes New $4.32 Million Investment in Cerebras Systems Inc. $CBRS

Raiffeisen Bank International AG bought a new stake in shares of Cerebras Systems Inc. (NASDAQ:CBRS) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 20,000 shares of the company’s stock, valued at approximately $4,323,000.

Several other large investors have also recently made changes to their positions in CBRS. Tiger Pacific Capital LP purchased a new stake in shares of Cerebras Systems in the 2nd quarter worth approximately $221,000. TD Waterhouse Canada Inc. bought a new stake in Cerebras Systems in the second quarter worth $630,000. Proficio Capital Partners LLC purchased a new stake in shares of Cerebras Systems in the second quarter worth $1,383,000. Situational Awareness LP purchased a new stake in shares of Cerebras Systems in the second quarter worth $2,210,000. Finally, Knollwood Investment Advisory LLC bought a new position in shares of Cerebras Systems during the second quarter valued at $4,576,000.

Analyst Upgrades and Downgrades

CBRS has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Cerebras Systems from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Wedbush raised their price objective on shares of Cerebras Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. TD Cowen began coverage on shares of Cerebras Systems in a report on Monday, June 8th. They issued a “buy” rating and a $275.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 target price on shares of Cerebras Systems in a research note on Wednesday, August 19th. Finally, Weiss Ratings started coverage on shares of Cerebras Systems in a report on Thursday, August 13th. They set a “sell (d)” rating on the stock. One research 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $299.90.

Cerebras Systems Stock Performance

Shares of NASDAQ:CBRS opened at $210.05 on Friday. Cerebras Systems Inc. has a 1 year low of $160.81 and a 1 year high of $386.34. The firm’s fifty day simple moving average is $203.47.

Cerebras Systems (NASDAQ:CBRS) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($2.98) EPS for the quarter, missing the consensus estimate of ($0.21) by ($2.77). The company had revenue of $209.87 million during the quarter. Cerebras Systems’s quarterly revenue was up 74.3% on a year-over-year basis. On average, research analysts predict that Cerebras Systems Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at Cerebras Systems

In other news, CAO Yagnesh Patel sold 4,574 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $222.22, for a total transaction of $1,016,434.28. Following the completion of the transaction, the chief accounting officer directly owned 16,676 shares of the company’s stock, valued at $3,705,740.72. The trade was a 21.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Sean Lie sold 16,293 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $210.01, for a total transaction of $3,421,692.93. Following the sale, the chief technology officer owned 368,926 shares of the company’s stock, valued at approximately $77,478,149.26. This represents a 4.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 1,291,278 shares of company stock valued at $265,966,662.

Cerebras Systems Company Profile

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.