Brokerages Set Clearfield, Inc. (NASDAQ:CLFD) Price Target at $42.20

Shares of Clearfield, Inc. (NASDAQ:CLFD) have earned an average recommendation of “Hold” from the five research firms that are currently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $42.20.

Several research analysts recently commented on the company. Roth Mkm reduced their target price on Clearfield from $49.00 to $47.00 and set a “buy” rating for the company in a research report on Monday, January 29th. Needham & Company LLC reiterated a “buy” rating and set a $36.00 target price on shares of Clearfield in a research report on Wednesday, April 17th.

Insider Buying and Selling at Clearfield

In other news, Chairman Ronald G. Roth bought 2,000 shares of the stock in a transaction dated Friday, February 23rd. The shares were acquired at an average price of $29.62 per share, with a total value of $59,240.00. Following the acquisition, the chairman now owns 1,259,796 shares in the company, valued at $37,315,157.52. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Clearfield by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,160,764 shares of the communications equipment provider’s stock valued at $33,267,000 after purchasing an additional 10,370 shares during the last quarter. Boston Partners lifted its position in Clearfield by 122.2% during the 4th quarter. Boston Partners now owns 830,783 shares of the communications equipment provider’s stock worth $23,784,000 after buying an additional 456,879 shares in the last quarter. ACK Asset Management LLC bought a new stake in Clearfield during the 4th quarter worth about $13,025,000. Federated Hermes Inc. grew its holdings in Clearfield by 1,247.7% during the 4th quarter. Federated Hermes Inc. now owns 210,717 shares of the communications equipment provider’s stock worth $6,128,000 after acquiring an additional 195,082 shares during the last quarter. Finally, Smith Graham & Co. Investment Advisors LP acquired a new stake in Clearfield in the 4th quarter valued at about $5,148,000. 88.73% of the stock is owned by institutional investors and hedge funds.

Clearfield Stock Performance

Shares of CLFD opened at $29.90 on Tuesday. The company has a 50-day simple moving average of $29.73 and a 200-day simple moving average of $28.01. Clearfield has a 52 week low of $22.91 and a 52 week high of $50.82. The firm has a market capitalization of $439.83 million, a P/E ratio of 36.46 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 firm had revenue of $34.20 million for the quarter, compared to analyst estimates of $29.88 million. During the same period in the previous year, the company posted $1.00 earnings per share. The company’s quarterly revenue was down 60.2% compared to the same quarter last year. As a group, equities analysts forecast that Clearfield will post -1.03 earnings per share for the current year.

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.