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

Needham & Company LLC reaffirmed their buy rating on shares of Clearfield (NASDAQ:CLFD) in a research note published on Friday,Benzinga reports. Needham & Company LLC currently has a $50.00 price objective on the communications equipment provider’s stock.

A number of other equities research analysts have also weighed in on the stock. Roth Mkm decreased their price objective on shares of Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Northland Securities lifted their price target on shares of Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Lake Street Capital upgraded Clearfield from a “hold” rating to a “buy” rating and boosted their price target for the company from $31.00 to $47.00 in a report on Friday, August 2nd. Finally, StockNews.com upgraded Clearfield from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.75.

Clearfield Stock Performance

CLFD opened at $34.80 on Friday. The company has a quick ratio of 5.73, a current ratio of 8.38 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $37.49 and its 200-day moving average price is $37.76. Clearfield has a one year low of $23.45 and a one year high of $44.83.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings data on Thursday, November 7th. The communications equipment provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.13. Clearfield had a negative return on equity of 4.38% and a negative net margin of 7.47%. The company had revenue of $46.80 million for 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. Clearfield’s quarterly revenue was down 5.8% on a year-over-year basis. On average, sell-side analysts forecast that Clearfield will post -0.03 earnings per share for the current year.

Hedge Funds Weigh In On Clearfield

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC raised its stake in Clearfield by 8.3% in the third quarter. SG Americas Securities LLC now owns 3,641 shares of the communications equipment provider’s stock worth $142,000 after buying an additional 279 shares in the last quarter. SummerHaven Investment Management LLC raised its position in shares of Clearfield by 2.7% in the 2nd quarter. SummerHaven Investment Management LLC now owns 15,503 shares of the communications equipment provider’s stock worth $598,000 after acquiring an additional 405 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Clearfield by 7.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider’s stock worth $233,000 after purchasing an additional 510 shares during the last quarter. Creative Planning boosted its position in Clearfield by 0.5% during the third quarter. Creative Planning now owns 98,599 shares of the communications equipment provider’s stock valued at $3,841,000 after purchasing an additional 511 shares in the last quarter. Finally, Bard Associates Inc. boosted its position in Clearfield by 6.5% during the third quarter. Bard Associates Inc. now owns 12,220 shares of the communications equipment provider’s stock valued at $476,000 after purchasing an additional 741 shares in the last quarter. 88.73% of the stock is currently owned by institutional investors.

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.