Clearfield (NASDAQ:CLFD) Given Buy Rating at Needham & Company LLC

Clearfield (NASDAQ:CLFD)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They presently have a $50.00 price objective on the communications equipment provider’s stock. Needham & Company LLC’s target price would suggest a potential upside of 44.63% from the stock’s previous close.

CLFD has been the subject of several other research reports. Roth Mkm decreased their target price on Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Lake Street Capital raised shares of Clearfield from a “hold” rating to a “buy” rating and raised their price target for the company from $31.00 to $47.00 in a report on Friday, August 2nd. Northland Securities upped their price objective on shares of Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, StockNews.com upgraded Clearfield from a “sell” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.75.

Clearfield Price Performance

Shares of NASDAQ CLFD traded down $2.23 during trading on Friday, reaching $34.57. The company had a trading volume of 302,288 shares, compared to its average volume of 155,819. The company has a current ratio of 8.38, a quick ratio of 5.73 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $492.28 million, a PE ratio of -55.66 and a beta of 1.35. Clearfield has a twelve month low of $23.45 and a twelve month high of $44.83. The stock has a 50-day moving average price of $37.55 and a two-hundred day moving average price of $37.61.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings data on Thursday, November 7th. The communications equipment provider reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $46.80 million during the quarter, compared to the consensus estimate of $41.95 million. During the same quarter in the prior year, the company posted $0.17 EPS. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. As a group, sell-side analysts predict that Clearfield will post -0.98 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Redwood Wealth Management Group LLC bought a new position in Clearfield during the second quarter worth $75,000. Canada Pension Plan Investment Board purchased a new position in Clearfield in the 2nd quarter worth about $85,000. SG Americas Securities LLC acquired a new stake in Clearfield during the 2nd quarter worth about $130,000. Squarepoint Ops LLC purchased a new stake in Clearfield during the second quarter valued at about $217,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Clearfield by 7.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider’s stock worth $233,000 after buying an additional 510 shares during the period. 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.