Clearfield (NASDAQ:CLFD) Earns Buy Rating from Needham & Company LLC

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

Separately, Roth Mkm decreased their price target 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 equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $42.20.

Clearfield Stock Performance

NASDAQ CLFD opened at $28.28 on Wednesday. The firm has a 50 day simple moving average of $29.83 and a 200-day simple moving average of $27.89. Clearfield has a one year low of $22.91 and a one year high of $50.82. The firm has a market cap of $415.91 million, a price-to-earnings ratio of 34.49 and a beta of 1.32.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings data on Thursday, February 1st. The communications equipment provider reported ($0.35) EPS for the quarter, beating the consensus estimate 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 last year, the firm posted $1.00 earnings per share. The business’s revenue for the quarter was down 60.2% compared to the same quarter last year. Equities analysts predict that Clearfield will post -1.03 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Ronald G. Roth acquired 2,000 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were 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 $37,315,157.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 16.00% of the stock is owned by corporate insiders.

Institutional Trading of Clearfield

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLFD. Principal Securities Inc. acquired a new stake in Clearfield during the fourth quarter worth approximately $25,000. Parkside Financial Bank & Trust increased 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 period. Point72 Hong Kong Ltd acquired a new position in shares of Clearfield in the 1st quarter valued at $55,000. Quarry LP acquired a new position in shares of Clearfield in the 1st quarter valued at $58,000. Finally, Victory Capital Management Inc. increased 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 period. Institutional investors and hedge funds own 88.73% of the company’s stock.

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.