Clearfield (NASDAQ:CLFD) Price Target Increased to $42.00 by Analysts at Needham & Company LLC

Clearfield (NASDAQ:CLFD) had its price target hoisted by Needham & Company LLC from $36.00 to $42.00 in a research report sent to investors on Friday, Benzinga reports. The firm currently has a buy rating on the communications equipment provider’s stock.

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

Clearfield Trading Down 3.2 %

Shares of NASDAQ:CLFD opened at $34.99 on Friday. The company has a market capitalization of $514.70 million, a PE ratio of -139.96 and a beta of 1.33. Clearfield has a 12-month low of $22.91 and a 12-month high of $50.82. The business’s fifty day simple moving average is $30.06 and its 200-day simple moving average is $28.24.

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

Insider Buying and Selling at Clearfield

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Principal Securities Inc. purchased a new stake in Clearfield in the fourth quarter valued at approximately $25,000. Parkside Financial Bank & Trust boosted its holdings in shares of Clearfield by 134.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,130 shares of the communications equipment provider’s stock valued at $33,000 after acquiring an additional 648 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Clearfield by 70.4% in the 4th quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock valued at $61,000 after acquiring an additional 860 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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 worth $78,000 after acquiring an additional 1,423 shares during the period. Finally, CWM LLC raised its holdings in shares of Clearfield by 28.1% during the fourth quarter. CWM LLC now owns 2,936 shares of the communications equipment provider’s stock worth $85,000 after purchasing an additional 644 shares during the last quarter. 88.73% of the stock is owned by institutional investors and hedge funds.

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.