Roth Mkm Cuts Clearfield (NASDAQ:CLFD) Price Target to $45.00

Clearfield (NASDAQ:CLFD) had its price objective cut by Roth Mkm from $47.00 to $45.00 in a report released on Friday, Benzinga reports. They currently have a buy rating on the communications equipment provider’s stock.

A number of other equities analysts have also recently issued reports on CLFD. Lake Street Capital raised Clearfield from a hold rating to a buy rating and increased their target price for the stock from $31.00 to $47.00 in a report on Friday. StockNews.com raised Clearfield to a sell rating in a report on Friday, June 21st. Northland Securities raised Clearfield from a market perform rating to an outperform rating and increased their target price for the stock from $25.00 to $40.00 in a report on Friday, May 3rd. Finally, Needham & Company LLC reissued a buy rating and issued a $42.00 target price on shares of Clearfield in a report on Thursday, May 16th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Clearfield currently has an average rating of Moderate Buy and a consensus price target of $46.75.

Clearfield Stock Down 3.9 %

Clearfield stock traded down $1.54 during trading hours on Friday, hitting $37.48. The stock had a trading volume of 50,482 shares, compared to its average volume of 181,090. The company has a 50-day moving average of $39.26 and a two-hundred day moving average of $33.55. The company has a market cap of $533.34 million, a PE ratio of -156.08 and a beta of 1.39. Clearfield has a fifty-two week low of $22.91 and a fifty-two week high of $44.83.

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

Insider Buying and Selling

In other news, Chairman Ronald G. Roth acquired 2,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were purchased at an average cost of $36.40 per share, for a total transaction of $72,800.00. Following the transaction, the chairman now owns 1,261,796 shares of the company’s stock, valued at $45,929,374.40. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 16.00% of the stock is owned by corporate insiders.

Institutional Trading of Clearfield

Several hedge funds have recently added to or reduced their stakes in CLFD. Principal Securities Inc. acquired a new stake in Clearfield during the 4th quarter worth $25,000. Parkside Financial Bank & Trust raised its stake in Clearfield by 134.4% during the 4th 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 during the period. Victory Capital Management Inc. raised its stake in shares of Clearfield by 70.4% in the 4th quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock valued at $61,000 after purchasing an additional 860 shares during the period. CWM LLC raised its stake in shares of Clearfield by 28.1% in the 4th quarter. CWM LLC now owns 2,936 shares of the communications equipment provider’s stock valued at $85,000 after purchasing an additional 644 shares during the period. Finally, Cetera Trust Company N.A acquired a new stake in shares of Clearfield in the 4th quarter valued at about $124,000. Institutional investors and hedge funds own 88.73% 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.