Needham & Company LLC Raises Clearfield (NASDAQ:CLFD) Price Target to $50.00

Clearfield (NASDAQ:CLFD) had its target price boosted by Needham & Company LLC from $42.00 to $50.00 in a research note issued to investors on Monday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the communications equipment provider’s stock.

CLFD has been the topic of a number of other research reports. Northland Securities boosted their target price on shares of Clearfield from $40.00 to $45.00 and gave the company an outperform rating in a report on Friday, August 2nd. Roth Mkm dropped their price objective on shares of Clearfield from $47.00 to $45.00 and set a buy rating on the stock in a research note on Friday, August 2nd. StockNews.com raised shares of Clearfield to a sell rating in a research note on Friday, June 21st. Finally, Lake Street Capital raised Clearfield from a hold rating to a buy rating and boosted their price target for the stock from $31.00 to $47.00 in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $46.75.

Clearfield Price Performance

CLFD stock opened at $37.71 on Monday. Clearfield has a 1 year low of $22.91 and a 1 year high of $44.83. The firm has a 50-day moving average of $39.28 and a 200 day moving average of $33.73. The company has a market cap of $536.73 million, a P/E ratio of -150.84 and a beta of 1.39.

Clearfield (NASDAQ:CLFD) last announced its earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $48.79 million during the quarter, compared to analyst estimates of $42.13 million. During the same quarter in the prior year, the company earned $0.33 EPS. The business’s revenue was down 20.4% compared to the same quarter last year. On average, equities research analysts expect that Clearfield will post -1.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Ronald G. Roth purchased 2,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were purchased at an average price of $36.40 per share, for a total transaction of $72,800.00. Following the completion of the acquisition, the chairman now directly owns 1,261,796 shares in the company, valued at approximately $45,929,374.40. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Clearfield

Several institutional investors have recently modified their holdings of CLFD. Principal Securities Inc. bought a new position in Clearfield during the 4th quarter valued at about $25,000. Parkside Financial Bank & Trust lifted its position in Clearfield by 134.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,130 shares of the communications equipment provider’s stock valued at $33,000 after purchasing an additional 648 shares during the period. Victory Capital Management Inc. boosted its holdings in Clearfield by 70.4% in the fourth quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock worth $61,000 after purchasing an additional 860 shares during the last quarter. CWM LLC grew its position in Clearfield by 28.1% in the 4th 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 period. Finally, Cetera Trust Company N.A bought a new position in shares of Clearfield during the 4th quarter valued at $124,000. 88.73% of the stock is owned by hedge funds and other 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.