Clearfield (NASDAQ:CLFD) Posts Earnings Results

Clearfield (NASDAQ:CLFD) issued its quarterly earnings data on Thursday. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.13, Briefing.com reports. Clearfield had a negative net margin of 1.79% and a negative return on equity of 1.06%. The firm had revenue of $36.90 million during the quarter, compared to analysts’ expectations of $31.25 million. During the same period last year, the company earned $0.67 earnings per share. The business’s revenue was down 43.1% on a year-over-year basis. Clearfield updated its Q3 guidance to ($0.38)-($0.31) EPS.

Clearfield Stock Up 13.2 %

Shares of NASDAQ CLFD opened at $36.13 on Friday. The company has a market capitalization of $531.47 million, a PE ratio of -144.52 and a beta of 1.33. The stock’s 50 day moving average price is $29.95 and its 200-day moving average price is $28.17. Clearfield has a twelve month low of $22.91 and a twelve month high of $50.82.

Insider Activity at Clearfield

In other Clearfield news, Chairman Ronald G. Roth acquired 2,000 shares of Clearfield stock in a transaction on Friday, February 23rd. The stock was purchased at an average price of $29.62 per share, for a total transaction of $59,240.00. Following the purchase, the chairman now directly owns 1,259,796 shares of the company’s stock, valued at $37,315,157.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 16.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Northland Securities upgraded Clearfield from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $25.00 to $40.00 in a research note on Friday. Roth Mkm reaffirmed a “buy” rating and set a $47.00 target price on shares of Clearfield in a research report on Wednesday. Finally, Needham & Company LLC upped their price target on Clearfield from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $42.40.

About Clearfield

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.