Clearfield’s (CLFD) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Clearfield (NASDAQ:CLFD) in a report issued on Friday morning,Benzinga reports. They currently have a $50.00 target price on the communications equipment provider’s stock.

A number of other equities analysts have also recently commented on the company. Northland Securities lifted their price target on Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Roth Mkm reduced their target price on Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. StockNews.com upgraded Clearfield from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Lake Street Capital raised shares of Clearfield from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $31.00 to $47.00 in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Clearfield presently has an average rating of “Moderate Buy” and an average price target of $46.75.

Clearfield Stock Down 7.1 %

Shares of NASDAQ:CLFD traded down $2.60 during midday trading on Friday, reaching $34.20. The company had a trading volume of 460,383 shares, compared to its average volume of 156,548. The company has a quick ratio of 5.73, a current ratio of 8.38 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average price is $37.49 and its 200 day moving average price is $37.65. The stock has a market cap of $486.94 million, a PE ratio of -40.24 and a beta of 1.35. Clearfield has a 1-year low of $23.45 and a 1-year high of $44.83.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13. Clearfield had a negative net margin of 5.26% and a negative return on equity of 3.06%. The firm had revenue of $46.80 million for the quarter, compared to analyst estimates of $41.95 million. During the same period in the prior year, the firm posted $0.17 earnings per share. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. Research analysts forecast that Clearfield will post -0.98 EPS for the current fiscal year.

Institutional Trading of Clearfield

Several institutional investors have recently added to or reduced their stakes in the company. Redwood Wealth Management Group LLC bought a new stake in Clearfield in the 2nd quarter valued at about $75,000. Canada Pension Plan Investment Board bought a new position in Clearfield in the 2nd quarter valued at approximately $85,000. SG Americas Securities LLC bought a new stake in shares of Clearfield during the second quarter worth $130,000. Squarepoint Ops LLC acquired a new position in shares of Clearfield during the second quarter worth $217,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Clearfield by 7.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider’s stock worth $233,000 after purchasing an additional 510 shares in the last quarter. 88.73% of the stock is currently owned by institutional investors.

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.