Clearfield (NASDAQ:CLFD) Given New $42.00 Price Target at Needham & Company LLC

Clearfield (NASDAQ:CLFD - Free Report) had its target price lifted by Needham & Company LLC from $36.00 to $42.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the communications equipment provider's stock.

Separately, Roth Mkm reaffirmed a buy rating and set a $47.00 target price on shares of Clearfield in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $42.40.

Clearfield Stock Up 13.2 %

Shares of NASDAQ CLFD traded up $4.22 during midday trading on Friday, hitting $36.13. 687,406 shares of the company's stock were exchanged, compared to its average volume of 207,290. The firm has a market capitalization of $531.36 million, a PE ratio of 44.06 and a beta of 1.33. Clearfield has a 12 month low of $22.91 and a 12 month high of $50.82. The company's 50 day moving average price is $29.81 and its 200 day moving average price is $28.09.

Clearfield (NASDAQ:CLFD - Get Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.13. Clearfield had a return on equity of 4.22% and a net margin of 6.00%. The business had revenue of $36.90 million during the quarter, compared to the consensus estimate of $31.25 million. During the same quarter last year, the firm posted $0.67 EPS. The company's quarterly revenue was down 43.1% on a year-over-year basis. On average, equities research analysts anticipate that Clearfield will post -1.03 EPS for the current year.

Insider Transactions at Clearfield

In other Clearfield news, Chairman Ronald G. Roth purchased 2,000 shares of the firm's stock in a transaction that occurred on Friday, February 23rd. The shares were acquired at an average cost of $29.62 per share, for a total transaction of $59,240.00. Following the completion of the purchase, the chairman now owns 1,259,796 shares of the company's stock, valued at approximately $37,315,157.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 16.00% of the company's stock.

Hedge Funds Weigh In On Clearfield

A number of hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB grew its holdings 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 worth $3,531,000 after purchasing an additional 72,164 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Clearfield by 187.4% during the first quarter. BNP Paribas Financial Markets now owns 11,330 shares of the communications equipment provider's stock worth $349,000 after buying an additional 7,388 shares in the last quarter. Harber Asset Management LLC acquired a new position in shares of Clearfield in the 4th quarter valued at approximately $4,310,000. Tower Research Capital LLC TRC lifted its holdings in shares of Clearfield by 11.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,712 shares of the communications equipment provider's stock worth $108,000 after acquiring an additional 389 shares during the period. Finally, ACK Asset Management LLC acquired a new stake in shares of Clearfield during the 4th quarter worth approximately $13,025,000. 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.