Clearfield (NASDAQ:CLFD) Price Target Raised to $42.00 at Needham & Company LLC

Clearfield (NASDAQ:CLFD) had its price objective upped by Needham & Company LLC from $36.00 to $42.00 in a research note issued to investors on Friday, Benzinga reports. Needham & Company LLC currently has a buy rating on the communications equipment provider’s stock.

Separately, Roth Mkm reiterated a buy rating and set a $47.00 target price on shares of Clearfield in a research report on Wednesday. One investment 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. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $42.40.

Clearfield Stock Performance

NASDAQ:CLFD traded up $4.22 during midday trading on Friday, reaching $36.13. The stock had a trading volume of 687,406 shares, compared to its average volume of 152,067. Clearfield has a 1-year low of $22.91 and a 1-year high of $50.82. The firm’s fifty day simple moving average is $29.81 and its 200-day simple moving average is $28.09.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.13. The company had revenue of $36.90 million for the quarter, compared to analyst estimates of $31.25 million. Clearfield had a negative net margin of 1.79% and a negative return on equity of 1.06%. The business’s quarterly revenue was down 43.1% on a year-over-year basis. During the same period last year, the business posted $0.67 EPS. On average, sell-side analysts anticipate that Clearfield will post -0.8 EPS for the current year.

Insider Activity at Clearfield

In other news, Chairman Ronald G. Roth purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was purchased at an average cost of $29.62 per share, with a total value of $59,240.00. Following the acquisition, the chairman now directly owns 1,259,796 shares of the company’s stock, valued at approximately $37,315,157.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Clearfield

A number of institutional investors have recently modified their holdings of CLFD. Bank of New York Mellon Corp raised its stake in shares of Clearfield by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 102,381 shares of the communications equipment provider’s stock worth $2,934,000 after acquiring an additional 819 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Clearfield by 109.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,721 shares of the communications equipment provider’s stock worth $78,000 after buying an additional 1,423 shares during the last quarter. Barclays PLC raised its stake in shares of Clearfield by 69.6% during the third quarter. Barclays PLC now owns 17,612 shares of the communications equipment provider’s stock worth $505,000 after buying an additional 7,226 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Clearfield by 61.5% during the third quarter. New York State Common Retirement Fund now owns 17,813 shares of the communications equipment provider’s stock worth $511,000 after buying an additional 6,782 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Clearfield during the third quarter worth approximately $120,000. 88.73% of the stock is owned by institutional investors.

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.