Clearfield (NASDAQ:CLFD) Price Target Raised to $42.00

Clearfield (NASDAQ:CLFD) had its price objective boosted by Needham & Company LLC from $36.00 to $42.00 in a research note published on Friday, Benzinga reports. They currently have a buy rating on the communications equipment provider’s stock.

Separately, Roth Mkm reiterated a buy rating and issued a $47.00 price target on shares of Clearfield in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $42.40.

Clearfield Trading Up 13.2 %

CLFD stock opened at $36.13 on Friday. The stock has a 50-day moving average price of $29.95 and a two-hundred day moving average price of $28.18. Clearfield has a 1 year low of $22.91 and a 1 year high of $50.82. The stock has a market cap of $531.47 million, a PE ratio of -144.52 and a beta of 1.33.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings data on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.13. Clearfield had a negative return on equity of 1.06% and a negative net margin of 1.79%. The business had revenue of $36.90 million during the quarter, compared to the consensus estimate of $31.25 million. During the same period last year, the company earned $0.67 earnings per share. Clearfield’s quarterly revenue was down 43.1% on a year-over-year basis. On average, analysts forecast that Clearfield will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Clearfield

In other Clearfield news, Chairman Ronald G. Roth bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were acquired at an average cost of $29.62 per share, with a total value of $59,240.00. Following the acquisition, the chairman now owns 1,259,796 shares of the company’s stock, valued at $37,315,157.52. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Clearfield

Several institutional investors and hedge funds have recently modified their holdings of the stock. Smith Graham & Co. Investment Advisors LP bought a new stake in shares of Clearfield during the 4th quarter worth about $5,148,000. Federated Hermes Inc. grew its position in shares of Clearfield by 1,247.7% in the fourth quarter. Federated Hermes Inc. now owns 210,717 shares of the communications equipment provider’s stock valued at $6,128,000 after purchasing an additional 195,082 shares during the last quarter. Nordea Investment Management AB bought a new position in shares of Clearfield during the third quarter worth approximately $1,247,000. Vanguard Group Inc. lifted its holdings in Clearfield by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,160,764 shares of the communications equipment provider’s stock worth $33,267,000 after purchasing an additional 10,370 shares during the last quarter. Finally, Barclays PLC boosted its stake in Clearfield by 69.6% in the 3rd quarter. Barclays PLC now owns 17,612 shares of the communications equipment provider’s stock valued at $505,000 after purchasing an additional 7,226 shares during the period. 88.73% of the stock is currently owned by institutional investors and hedge funds.

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.