Clearfield (NASDAQ:CLFD) Updates Q3 Earnings Guidance

Clearfield (NASDAQ:CLFD) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of ($0.38)-($0.31) for the period, compared to the consensus EPS estimate of ($0.27). The company issued revenue guidance of $40-$44 million, compared to the consensus revenue estimate of $36.67 million.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CLFD shares. Needham & Company LLC boosted their target price on Clearfield from $36.00 to $42.00 and gave the stock a buy rating in a research report on Friday. Roth Mkm reiterated a buy rating and set a $47.00 price target on shares of Clearfield in a research report on Wednesday. Finally, Northland Securities raised shares of Clearfield from a market perform rating to an outperform rating and boosted their price target for the stock from $25.00 to $40.00 in a research note on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $42.40.

Clearfield Stock Up 13.2 %

Clearfield stock traded up $4.22 during midday trading on Friday, hitting $36.13. 687,406 shares of the stock were exchanged, compared to its average volume of 152,067. The stock has a market capitalization of $531.47 million, a PE ratio of -144.52 and a beta of 1.33. The company has a fifty day simple moving average of $29.95 and a two-hundred day simple moving average of $28.18. Clearfield has a 52 week low of $22.91 and a 52 week high of $50.82.

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

Insiders Place Their Bets

In other Clearfield news, Chairman Ronald G. Roth acquired 2,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were acquired at an average price of $29.62 per share, for a total transaction 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 16.00% of the company’s stock.

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.