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

Clearfield (NASDAQ:CLFD) had its price target reduced by Roth Mkm from $47.00 to $45.00 in a research report sent to investors on Friday morning, Benzinga reports. Roth Mkm currently has a buy rating on the communications equipment provider’s stock.

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

Clearfield Stock Down 3.9 %

Shares of NASDAQ:CLFD traded down $1.54 during trading on Friday, reaching $37.48. 50,482 shares of the company traded hands, compared to its average volume of 181,090. The firm has a fifty day simple moving average of $39.26 and a 200 day simple moving average of $33.55. The firm has a market cap of $533.34 million, a P/E ratio of -156.08 and a beta of 1.39. Clearfield has a 1-year low of $22.91 and a 1-year high of $44.83.

Clearfield (NASDAQ:CLFD) last issued its earnings results 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. The company had revenue of $48.79 million during the quarter, compared to analyst estimates of $42.13 million. Clearfield had a negative net margin of 5.26% and a negative return on equity of 3.00%. The company’s revenue for the quarter was down 20.4% on a year-over-year basis. During the same quarter last year, the business posted $0.33 EPS. As a group, research analysts anticipate that Clearfield will post -1.26 EPS for the current year.

Insider Buying and Selling

In related news, Chairman Ronald G. Roth acquired 2,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were bought at an average price of $36.40 per share, for a total transaction of $72,800.00. Following the acquisition, the chairman now owns 1,261,796 shares in the company, valued at approximately $45,929,374.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Smith Graham & Co. Investment Advisors LP bought a new position in shares of Clearfield during the 4th quarter worth about $5,148,000. Nordea Investment Management AB boosted its position in shares of Clearfield by 172.9% during the 1st quarter. Nordea Investment Management AB now owns 113,904 shares of the communications equipment provider’s stock valued at $3,531,000 after acquiring an additional 72,164 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Clearfield by 1,247.7% during the 4th quarter. Federated Hermes Inc. now owns 210,717 shares of the communications equipment provider’s stock valued at $6,128,000 after acquiring an additional 195,082 shares in the last quarter. Harber Asset Management LLC acquired a new stake in shares of Clearfield during the 4th quarter valued at about $4,310,000. Finally, Boston Partners boosted its position in shares of Clearfield by 122.2% during the 4th quarter. Boston Partners now owns 830,783 shares of the communications equipment provider’s stock valued at $23,784,000 after acquiring an additional 456,879 shares in the last quarter. Institutional investors 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.