Clearfield (NASDAQ:CLFD) Rating Reiterated by Needham & Company LLC

Clearfield (NASDAQ:CLFD)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They currently have a $36.00 target price on the communications equipment provider’s stock. Needham & Company LLC’s target price points to a potential upside of 27.30% from the stock’s previous close.

Separately, Roth Mkm decreased their price target on Clearfield from $49.00 to $47.00 and set a “buy” rating on the stock in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $42.20.

Clearfield Price Performance

Shares of NASDAQ CLFD opened at $28.28 on Wednesday. Clearfield has a fifty-two week low of $22.91 and a fifty-two week high of $50.82. The business has a fifty day moving average price of $29.86 and a two-hundred day moving average price of $27.89. The stock has a market capitalization of $416.00 million, a PE ratio of 34.49 and a beta of 1.32.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings results on Thursday, February 1st. The communications equipment provider reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.05. Clearfield had a return on equity of 4.22% and a net margin of 6.00%. The company had revenue of $34.20 million for the quarter, compared to analyst estimates of $29.88 million. During the same quarter last year, the company posted $1.00 EPS. The company’s revenue for the quarter was down 60.2% compared to the same quarter last year. On average, equities analysts expect that Clearfield will post -1.03 EPS for the current year.

Insider Buying and Selling

In other news, Chairman Ronald G. Roth acquired 2,000 shares of Clearfield stock in a transaction that occurred on 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 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 16.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Clearfield

A number of hedge funds and other institutional investors have recently bought and sold shares of CLFD. BlackRock Inc. grew its position in shares of Clearfield by 128.9% in the 3rd quarter. BlackRock Inc. now owns 1,798,204 shares of the communications equipment provider’s stock valued at $188,165,000 after buying an additional 1,012,641 shares during the last quarter. Boston Partners grew its position in shares of Clearfield by 122.2% in the 4th quarter. Boston Partners now owns 830,783 shares of the communications equipment provider’s stock valued at $23,784,000 after buying an additional 456,879 shares during the last quarter. ACK Asset Management LLC bought a new stake in shares of Clearfield in the 4th quarter valued at about $13,025,000. T. Rowe Price Investment Management Inc. bought a new stake in shares of Clearfield in the 4th quarter valued at about $23,992,000. Finally, Federated Hermes Inc. grew its position in shares of Clearfield by 1,247.7% in the 4th quarter. Federated Hermes Inc. now owns 210,717 shares of the communications equipment provider’s stock valued at $6,128,000 after buying an additional 195,082 shares during the last quarter. 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.