The Goldman Sachs Group Cuts Corsair Gaming (NASDAQ:CRSR) Price Target to $8.00

Corsair Gaming (NASDAQ:CRSR) had its price target reduced by investment analysts at The Goldman Sachs Group from $11.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 5.96% from the stock’s current price.

A number of other equities research analysts have also weighed in on CRSR. Barclays boosted their price objective on shares of Corsair Gaming from $9.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Robert W. Baird set a $10.00 price target on shares of Corsair Gaming in a research note on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $13.00 price target on shares of Corsair Gaming in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Corsair Gaming Stock Performance

Corsair Gaming stock opened at $7.55 on Thursday. Corsair Gaming has a fifty-two week low of $5.60 and a fifty-two week high of $13.02. The firm’s fifty day moving average price is $8.16 and its 200-day moving average price is $8.19. The stock has a market cap of $798.93 million, a P/E ratio of -7.95 and a beta of 1.70. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.92 and a current ratio of 1.57.

Corsair Gaming (NASDAQ:CRSR) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). The firm had revenue of $369.75 million during the quarter, compared to analysts’ expectations of $366.20 million. Corsair Gaming had a negative return on equity of 4.62% and a negative net margin of 7.53%. Corsair Gaming’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.09 earnings per share. On average, equities research analysts expect that Corsair Gaming will post 0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Michael G. Potter sold 4,124 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $10.08, for a total transaction of $41,569.92. Following the completion of the transaction, the chief financial officer now directly owns 125,650 shares of the company’s stock, valued at approximately $1,266,552. This represents a 3.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 58.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Corsair Gaming by 5.0% in the 1st quarter. Vanguard Group Inc. now owns 6,101,154 shares of the company’s stock worth $54,056,000 after buying an additional 287,795 shares during the last quarter. Palisade Capital Management LP lifted its stake in Corsair Gaming by 3.5% in the first quarter. Palisade Capital Management LP now owns 2,416,490 shares of the company’s stock worth $21,410,000 after acquiring an additional 81,376 shares during the period. Geode Capital Management LLC boosted its holdings in Corsair Gaming by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 1,069,122 shares of the company’s stock valued at $7,069,000 after acquiring an additional 9,344 shares in the last quarter. New York State Common Retirement Fund increased its position in Corsair Gaming by 40.4% during the 4th quarter. New York State Common Retirement Fund now owns 738,922 shares of the company’s stock valued at $4,884,000 after purchasing an additional 212,792 shares during the period. Finally, Invesco Ltd. raised its holdings in Corsair Gaming by 28.4% in the 4th quarter. Invesco Ltd. now owns 578,749 shares of the company’s stock worth $3,826,000 after purchasing an additional 127,948 shares in the last quarter. Hedge funds and other institutional investors own 25.66% of the company’s stock.

About Corsair Gaming

Corsair Gaming, Inc, together with its subsidiaries, designs, develops, markets, and sells gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. It offers gamer and creator peripherals, including gaming keyboards, mice, headsets, controllers, and streaming products, such as capture cards, stream decks, microphones and audio interfaces, facecam streaming cameras, studio accessories, gaming furniture, and other related products.