Clearfield (NASDAQ:CLFD) Announces Earnings Results

Clearfield (NASDAQ:CLFD) announced its earnings results on Thursday. The communications equipment provider reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.13, Briefing.com reports. Clearfield had a net margin of 6.00% and a return on equity of 4.22%. The business had revenue of $36.90 million during the quarter, compared to the consensus estimate of $31.25 million. During the same quarter last year, the firm earned $0.67 earnings per share. The business’s revenue for the quarter was down 43.1% on a year-over-year basis. Clearfield updated its Q3 guidance to ($0.38)-($0.31) EPS.

Clearfield Price Performance

Shares of NASDAQ:CLFD opened at $36.13 on Friday. The company has a market capitalization of $531.36 million, a P/E ratio of 44.06 and a beta of 1.33. Clearfield has a 1-year low of $22.91 and a 1-year high of $50.82. The firm’s 50 day simple moving average is $29.81 and its two-hundred day simple moving average is $28.09.

Insider Transactions at Clearfield

In related news, Chairman Ronald G. Roth bought 2,000 shares of the stock in a transaction dated Friday, February 23rd. The shares were purchased 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 of the company’s stock, valued at $37,315,157.52. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 16.00% of the company’s stock.

Analyst Upgrades and Downgrades

CLFD has been the subject of a number of analyst reports. Northland Securities raised Clearfield from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $25.00 to $40.00 in a research report on Friday. Roth Mkm reissued a “buy” rating and issued a $47.00 target price on shares of Clearfield in a report on Wednesday. Finally, Needham & Company LLC upped their target price on shares of Clearfield from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $42.40.

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.