Clearfield (NASDAQ:CLFD) Price Target Cut to $45.00

Clearfield (NASDAQ:CLFD) had its target price reduced by analysts at Roth Mkm from $47.00 to $45.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the communications equipment provider’s stock. Roth Mkm’s price target would indicate a potential upside of 15.33% from the company’s previous close.

CLFD has been the topic of a number of other research reports. Needham & Company LLC restated a “buy” rating and issued a $42.00 price objective on shares of Clearfield in a research report on Thursday, May 16th. Lake Street Capital upgraded shares of Clearfield from a “hold” rating to a “buy” rating and boosted their price objective for the company from $31.00 to $47.00 in a research report on Friday. Northland Securities upgraded shares of Clearfield from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $25.00 to $40.00 in a research report on Friday, May 3rd. Finally, StockNews.com upgraded shares of Clearfield to a “sell” rating in a research report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.80.

Clearfield Stock Down 8.5 %

Clearfield stock opened at $39.02 on Friday. The company has a market capitalization of $555.25 million, a PE ratio of -156.08 and a beta of 1.39. The firm has a fifty day simple moving average of $39.26 and a two-hundred day simple moving average of $33.49. Clearfield has a twelve month low of $22.91 and a twelve month high of $46.69.

Clearfield (NASDAQ:CLFD) last released its quarterly earnings data on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.30. Clearfield had a negative net margin of 5.26% and a negative return on equity of 3.00%. The firm had revenue of $48.79 million for the quarter, compared to analysts’ expectations of $42.13 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. The company’s revenue for the quarter was down 20.4% compared to the same quarter last year. As a group, equities analysts expect that Clearfield will post -1.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Clearfield news, Chairman Ronald G. Roth acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were acquired at an average price of $36.40 per share, with a total value of $72,800.00. Following the completion of the purchase, the chairman now directly owns 1,261,796 shares of the company’s stock, valued at approximately $45,929,374.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 16.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Clearfield

Hedge funds have recently bought and sold shares of the business. Principal Securities Inc. bought a new position in shares of Clearfield in the fourth quarter worth approximately $25,000. Parkside Financial Bank & Trust lifted its stake in shares of Clearfield by 134.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,130 shares of the communications equipment provider’s stock worth $33,000 after buying an additional 648 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Clearfield by 70.4% in the fourth quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock worth $61,000 after buying an additional 860 shares in the last quarter. CWM LLC lifted its stake in shares of Clearfield by 28.1% in the fourth quarter. CWM LLC now owns 2,936 shares of the communications equipment provider’s stock worth $85,000 after buying an additional 644 shares in the last quarter. Finally, Cetera Trust Company N.A bought a new position in shares of Clearfield in the fourth quarter worth approximately $124,000. Institutional investors 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.