Clearfield, Inc. (NASDAQ:CLFD) Receives $42.20 Average Price Target from Analysts

Clearfield, Inc. (NASDAQ:CLFD) has been given a consensus recommendation of “Hold” by the five ratings firms that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $42.20.

CLFD has been the topic of a number of research analyst reports. Roth Mkm decreased their price objective on shares of Clearfield from $49.00 to $47.00 and set a “buy” rating on the stock in a report on Monday, January 29th. Needham & Company LLC reissued a “buy” rating and set a $36.00 price objective on shares of Clearfield in a report on Wednesday, April 17th.

Clearfield Stock Performance

NASDAQ CLFD opened at $29.36 on Tuesday. The firm has a market cap of $431.89 million, a PE ratio of 35.80 and a beta of 1.32. Clearfield has a one year low of $22.91 and a one year high of $50.82. The firm’s fifty day moving average is $29.76 and its two-hundred day moving average is $27.94.

Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, February 1st. The communications equipment provider reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.05. The business had revenue of $34.20 million for the quarter, compared to the consensus estimate of $29.88 million. Clearfield had a net margin of 6.00% and a return on equity of 4.22%. The business’s quarterly revenue was down 60.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 earnings per share. Research analysts predict that Clearfield will post -1.03 earnings per share for the current year.

Insiders Place Their Bets

In other Clearfield news, Chairman Ronald G. Roth bought 2,000 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was bought at an average price of $29.62 per share, for a total transaction of $59,240.00. Following the completion of the transaction, the chairman now owns 1,259,796 shares in the company, valued at approximately $37,315,157.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Clearfield

A number of institutional investors have recently modified their holdings of CLFD. Denali Advisors LLC acquired a new position in shares of Clearfield in the third quarter valued at approximately $186,000. Bank of New York Mellon Corp raised its position in shares of Clearfield by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 102,381 shares of the communications equipment provider’s stock valued at $2,934,000 after buying an additional 819 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Clearfield by 109.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,721 shares of the communications equipment provider’s stock valued at $78,000 after buying an additional 1,423 shares during the last quarter. Barclays PLC raised its position in shares of Clearfield by 69.6% in the third quarter. Barclays PLC now owns 17,612 shares of the communications equipment provider’s stock valued at $505,000 after buying an additional 7,226 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Clearfield by 61.5% in the third quarter. New York State Common Retirement Fund now owns 17,813 shares of the communications equipment provider’s stock valued at $511,000 after buying an additional 6,782 shares during the last quarter. Institutional investors and hedge funds own 88.73% of the company’s stock.

Clearfield Company Profile

Clearfield, Inc manufactures and sells various fiber connectivity products in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures; WaveSmart, an optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and active cabinet products.