Clearfield (NASDAQ:CLFD) Price Target Cut to $40.00

Clearfield (NASDAQ:CLFD) had its price target cut by Needham & Company LLC from $45.00 to $40.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price target suggests a potential upside of 63.27% from the stock’s previous close.

A number of other brokerages have also recently commented on CLFD. StockNews.com cut Clearfield from a “hold” rating to a “sell” rating in a report on Wednesday, November 1st. Northcoast Research reiterated a “market perform” rating and issued a $45.00 price target on shares of Clearfield in a research report on Friday, August 4th. Finally, Northland Securities downgraded shares of Clearfield from an “outperform” rating to a “market perform” rating and set a $45.00 price objective for the company. in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Clearfield presently has a consensus rating of “Hold” and a consensus target price of $77.57.

Clearfield Trading Up 1.7 %

CLFD stock opened at $24.50 on Friday. The stock has a market capitalization of $373.87 million, a PE ratio of 11.29 and a beta of 1.42. Clearfield has a 12-month low of $22.91 and a 12-month high of $134.90. The stock’s 50 day simple moving average is $28.14 and its 200 day simple moving average is $37.38.

Clearfield (NASDAQ:CLFD) last released its quarterly earnings data on Thursday, November 9th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.08. The business had revenue of $49.70 million for the quarter, compared to analysts’ expectations of $48.76 million. Clearfield had a return on equity of 10.71% and a net margin of 12.11%. The firm’s quarterly revenue was down 47.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.22 EPS. On average, research analysts predict that Clearfield will post 0.93 earnings per share for the current year.

Institutional Trading of Clearfield

Several institutional investors and hedge funds have recently modified their holdings of CLFD. Spire Wealth Management increased its holdings in Clearfield by 140.0% during the first quarter. Spire Wealth Management now owns 600 shares of the communications equipment provider’s stock valued at $28,000 after buying an additional 350 shares during the period. KBC Group NV purchased a new position in Clearfield in the second quarter worth $45,000. Point72 Hong Kong Ltd purchased a new position in Clearfield in the first quarter worth $55,000. Quarry LP purchased a new position in Clearfield in the first quarter worth $58,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Clearfield by 28.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,465 shares of the communications equipment provider’s stock valued at $68,000 after buying an additional 323 shares during the last quarter. Institutional investors own 66.56% of the company’s stock.

Clearfield Company Profile

Clearfield, Inc manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures.