Clearfield, Inc. (NASDAQ:CLFD - Get Rating)'s share price gapped up prior to trading on Friday after Lake Street Capital raised their price target on the stock from $122.00 to $135.00. The stock had previously closed at $93.07, but opened at $107.00. Clearfield shares last traded at $116.40, with a volume of 10,419 shares trading hands.
Several other equities analysts have also commented on the stock. Needham & Company LLC increased their price target on shares of Clearfield from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Friday. StockNews.com assumed coverage on shares of Clearfield in a research report on Wednesday, October 12th. They set a "hold" rating on the stock. Westpark Capital assumed coverage on shares of Clearfield in a research report on Tuesday, September 13th. They set a "hold" rating on the stock. Finally, Northland Securities raised their target price on shares of Clearfield from $110.00 to $120.00 and gave the stock an "outperform" rating in a research report on Friday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Clearfield has an average rating of "Hold" and a consensus target price of $106.75.
Insider Activity at Clearfield
In related news, Director Roger G. Harding sold 1,500 shares of Clearfield stock in a transaction on Friday, August 26th. The shares were sold at an average price of $125.86, for a total value of $188,790.00. Following the transaction, the director now directly owns 15,508 shares in the company, valued at approximately $1,951,836.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 17.40% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Clearfield
A number of hedge funds and other institutional investors have recently bought and sold shares of CLFD. BlackRock Inc. lifted its holdings in Clearfield by 128.9% in the third quarter. BlackRock Inc. now owns 1,798,204 shares of the communications equipment provider's stock valued at $188,165,000 after acquiring an additional 1,012,641 shares during the period. Vanguard Group Inc. raised its stake in shares of Clearfield by 30.1% during the 3rd quarter. Vanguard Group Inc. now owns 766,266 shares of the communications equipment provider's stock worth $80,182,000 after buying an additional 177,488 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Clearfield by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 432,241 shares of the communications equipment provider's stock worth $28,191,000 after buying an additional 5,734 shares during the last quarter. Atika Capital Management LLC raised its stake in shares of Clearfield by 14.2% during the 1st quarter. Atika Capital Management LLC now owns 395,904 shares of the communications equipment provider's stock worth $25,822,000 after buying an additional 49,309 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Clearfield by 66.9% during the 3rd quarter. State Street Corp now owns 378,067 shares of the communications equipment provider's stock worth $39,561,000 after buying an additional 151,583 shares during the last quarter. 48.06% of the stock is currently owned by hedge funds and other institutional investors.
Clearfield Trading Up 23.9 %
The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 39.87 and a beta of 1.33. The firm has a 50 day moving average price of $100.56 and a 200-day moving average price of $86.45.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to email@example.com.
Before you consider Clearfield, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Clearfield wasn't on the list.
While Clearfield currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here