Clearfield (NASDAQ:CLFD) Stock Rating Upgraded by Northland Securities

Northland Securities upgraded shares of Clearfield (NASDAQ:CLFD) from a market perform rating to an outperform rating in a research note released on Friday morning, MarketBeat reports. The brokerage currently has $40.00 price target on the communications equipment provider’s stock, up from their previous price target of $25.00.

CLFD has been the subject of a number of other reports. Needham & Company LLC increased their price target on Clearfield from $36.00 to $42.00 and gave the company a buy rating in a research note on Friday. Roth Mkm restated a buy rating and issued a $47.00 price objective on shares of Clearfield in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Clearfield has a consensus rating of Hold and a consensus target price of $42.40.

Clearfield Stock Down 3.2 %

Shares of NASDAQ CLFD opened at $34.99 on Friday. The stock has a market cap of $514.70 million, a P/E ratio of -139.96 and a beta of 1.33. The firm’s 50-day simple moving average is $30.06 and its 200 day simple moving average is $28.24. Clearfield has a fifty-two week low of $22.91 and a fifty-two week high of $50.82.

Clearfield (NASDAQ:CLFD) last released its earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.53) by $0.13. The firm had revenue of $36.90 million for the quarter, compared to analysts’ expectations of $31.25 million. Clearfield had a negative net margin of 1.79% and a negative return on equity of 1.08%. Clearfield’s quarterly revenue was down 43.1% on a year-over-year basis. During the same quarter last year, the company earned $0.67 EPS. On average, sell-side analysts anticipate that Clearfield will post -0.8 earnings per share for the current fiscal year.

Insider Transactions at Clearfield

In related news, Chairman Ronald G. Roth purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was acquired at an average price of $29.62 per share, for a total transaction of $59,240.00. Following the transaction, 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 accessible through this hyperlink. 16.00% of the stock is owned by insiders.

Institutional Trading of Clearfield

A number of hedge funds have recently bought and sold shares of the company. Smith Graham & Co. Investment Advisors LP purchased a new stake in shares of Clearfield in the 4th quarter valued at approximately $5,148,000. Federated Hermes Inc. lifted its holdings in shares of Clearfield by 1,247.7% in the fourth quarter. Federated Hermes Inc. now owns 210,717 shares of the communications equipment provider’s stock valued at $6,128,000 after purchasing an additional 195,082 shares in the last quarter. Nordea Investment Management AB acquired a new stake in shares of Clearfield in the third quarter worth $1,247,000. Vanguard Group Inc. grew its holdings in shares of Clearfield by 0.9% during the third quarter. Vanguard Group Inc. now owns 1,160,764 shares of the communications equipment provider’s stock valued at $33,267,000 after buying an additional 10,370 shares in the last quarter. Finally, Barclays PLC raised its position in Clearfield by 69.6% during the third quarter. Barclays PLC now owns 17,612 shares of the communications equipment provider’s stock valued at $505,000 after buying an additional 7,226 shares during the period. 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.