Clearfield (NASDAQ:CLFD) Price Target Increased to $45.00 by Analysts at Northland Securities

Clearfield (NASDAQ:CLFD) had its price target hoisted by Northland Securities from $40.00 to $45.00 in a report released on Friday morning, Benzinga reports. Northland Securities currently has an outperform rating on the communications equipment provider’s stock.

Other equities analysts have also issued research reports about the stock. StockNews.com upgraded shares of Clearfield to a sell rating in a research report on Friday, June 21st. Needham & Company LLC reaffirmed a buy rating and set a $42.00 price objective on shares of Clearfield in a research note on Thursday, May 16th. Lake Street Capital raised shares of Clearfield from a hold rating to a buy rating and upped their price objective for the company from $31.00 to $47.00 in a research note on Friday. Finally, Roth Mkm reduced their price target on shares of Clearfield from $47.00 to $45.00 and set a buy rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $46.75.

Clearfield Stock Performance

Shares of NASDAQ:CLFD traded up $0.92 during mid-day trading on Friday, hitting $38.44. 49,808 shares of the company traded hands, compared to its average volume of 181,126. The firm has a market cap of $547.00 million, a P/E ratio of -151.76 and a beta of 1.39. Clearfield has a 52-week low of $22.91 and a 52-week high of $44.83. The firm’s 50 day simple moving average is $39.26 and its 200 day simple moving average is $33.64.

Clearfield (NASDAQ:CLFD) last released its quarterly earnings data on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.30. Clearfield had a negative return on equity of 3.00% and a negative net margin of 5.26%. The business had revenue of $48.79 million during the quarter, compared to analyst estimates of $42.13 million. During the same quarter in the previous year, the firm posted $0.33 EPS. The business’s revenue for the quarter was down 20.4% compared to the same quarter last year. Equities research analysts expect that Clearfield will post -1.26 EPS for the current fiscal 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 Thursday, May 23rd. The shares were acquired at an average price of $36.40 per share, for a total transaction of $72,800.00. Following the completion of the purchase, the chairman now owns 1,261,796 shares in the company, valued at approximately $45,929,374.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Clearfield

A number of large investors have recently bought and sold shares of CLFD. Boston Partners lifted its position in shares of Clearfield by 122.2% during the fourth quarter. Boston Partners now owns 830,783 shares of the communications equipment provider’s stock worth $23,784,000 after purchasing an additional 456,879 shares in the last quarter. ACK Asset Management LLC bought a new position in Clearfield in the 4th quarter valued at $13,025,000. Federated Hermes Inc. boosted its position in Clearfield by 1,247.7% in the 4th quarter. Federated Hermes Inc. now owns 210,717 shares of the communications equipment provider’s stock valued at $6,128,000 after buying an additional 195,082 shares during the last quarter. Smith Graham & Co. Investment Advisors LP acquired a new stake in shares of Clearfield in the 4th quarter valued at $5,148,000. Finally, Harber Asset Management LLC bought a new stake in shares of Clearfield during the fourth quarter worth $4,310,000. 88.73% of the stock is currently owned by institutional investors.

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.