Clearfield (NASDAQ:CLFD) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Clearfield (NASDAQ:CLFD) in a research note released on Wednesday morning, Benzinga reports. They currently have a $36.00 price objective on the communications equipment provider’s stock.

Separately, Roth Mkm lowered their target price on shares of Clearfield from $49.00 to $47.00 and set a buy rating for the company in a research note on Monday, January 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $42.20.

Clearfield Stock Performance

Shares of NASDAQ:CLFD opened at $28.28 on Wednesday. The company has a fifty day simple moving average of $29.83 and a 200 day simple moving average of $27.89. The firm has a market cap of $416.00 million, a PE ratio of 34.49 and a beta of 1.32. Clearfield has a 12-month low of $22.91 and a 12-month high of $50.82.

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

Insider Activity

In other news, Chairman Ronald G. Roth purchased 2,000 shares of Clearfield stock in a transaction dated 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 in the company, valued at approximately $37,315,157.52. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Clearfield

Several hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its holdings in Clearfield by 54.4% in the third quarter. Tower Research Capital LLC TRC now owns 690 shares of the communications equipment provider’s stock worth $72,000 after purchasing an additional 243 shares during the period. Credit Suisse AG lifted its holdings in Clearfield by 3.2% in the second quarter. Credit Suisse AG now owns 8,134 shares of the communications equipment provider’s stock worth $503,000 after purchasing an additional 256 shares during the period. AQR Capital Management LLC lifted its holdings in Clearfield by 6.0% in the second quarter. AQR Capital Management LLC now owns 4,959 shares of the communications equipment provider’s stock worth $307,000 after purchasing an additional 281 shares during the period. Northern Trust Corp lifted its holdings in Clearfield by 0.3% in the second quarter. Northern Trust Corp now owns 119,015 shares of the communications equipment provider’s stock worth $7,373,000 after purchasing an additional 349 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its holdings in Clearfield by 6.6% in the first quarter. BNP Paribas Arbitrage SA now owns 5,786 shares of the communications equipment provider’s stock worth $377,000 after purchasing an additional 359 shares during the period. 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.