Analysts’ Recent Ratings Updates for Clearfield (CLFD)

A number of research firms have changed their ratings and price targets for Clearfield (NASDAQ: CLFD):

• 5/3/2024 – Clearfield was upgraded by analysts at Northland Securities from a “market perform” rating to an “outperform” rating. They now have a $40.00 price target on the stock, up previously from $25.00.
• 5/3/2024 – Clearfield had its price target raised by analysts at Needham & Company LLC from $36.00 to $42.00. They now have a “buy” rating on the stock.
• 5/1/2024 – Clearfield had its “buy” rating reaffirmed by analysts at Roth Mkm. They now have a $47.00 price target on the stock.
• 4/17/2024 – Clearfield had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $36.00 price target on the stock.

Clearfield Stock Performance

Shares of CLFD opened at $34.99 on Tuesday. The company has a market capitalization of $514.70 million, a P/E ratio of -139.96 and a beta of 1.33. The business’s 50-day moving average is $30.06 and its two-hundred day moving average is $28.24. Clearfield, Inc. has a fifty-two week low of $22.91 and a fifty-two week high of $50.82.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.13. Clearfield had a negative return on equity of 1.08% and a negative net margin of 1.79%. The company had revenue of $36.90 million during the quarter, compared to analysts’ expectations of $31.25 million. During the same period last year, the business earned $0.67 earnings per share. Clearfield’s quarterly revenue was down 43.1% on a year-over-year basis. Analysts forecast that Clearfield, Inc. will post -0.8 EPS for the current year.

Insider Activity at Clearfield

In other news, Chairman Ronald G. Roth acquired 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, with a total value of $59,240.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 16.00% of the company’s stock.

Institutional Trading of Clearfield

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

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.