Clearfield (NASDAQ:CLFD) Shares Gap Up Following Earnings Beat

Clearfield, Inc. (NASDAQ:CLFD) shares gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $31.91, but opened at $39.90. Clearfield shares last traded at $36.87, with a volume of 284,385 shares.

The communications equipment provider reported ($0.40) earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $31.25 million. During the same period last year, the company posted $0.67 EPS. The business’s quarterly revenue was down 43.1% on a year-over-year basis.

Analyst Upgrades and Downgrades

CLFD has been the topic of a number of recent research reports. Northland Securities raised Clearfield from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $25.00 to $40.00 in a research note on Friday. Roth Mkm reiterated a “buy” rating and issued a $47.00 price target on shares of Clearfield in a research note on Wednesday. Finally, Needham & Company LLC raised their price target on Clearfield from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday. 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. Based on data from MarketBeat.com, Clearfield presently has a consensus rating of “Hold” and a consensus target price of $42.40.

Insider Activity

In related news, Chairman Ronald G. Roth purchased 2,000 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were acquired at an average price of $29.62 per share, for a total transaction of $59,240.00. Following the purchase, the chairman now owns 1,259,796 shares of the company’s stock, valued at approximately $37,315,157.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Clearfield

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Securities Inc. purchased a new stake in Clearfield during the 4th quarter worth approximately $25,000. Parkside Financial Bank & Trust increased its position in Clearfield by 134.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,130 shares of the communications equipment provider’s stock worth $33,000 after purchasing an additional 648 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Clearfield by 70.4% in the 4th quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock worth $61,000 after acquiring an additional 860 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Clearfield by 109.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,721 shares of the communications equipment provider’s stock worth $78,000 after purchasing an additional 1,423 shares during the period. Finally, CWM LLC grew its position in Clearfield by 28.1% during the 4th quarter. CWM LLC now owns 2,936 shares of the communications equipment provider’s stock worth $85,000 after acquiring an additional 644 shares during the last quarter. 88.73% of the stock is owned by hedge funds and other institutional investors.

Clearfield Trading Up 13.6 %

The firm has a fifty day simple moving average of $29.81 and a 200-day simple moving average of $28.09. The stock has a market cap of $533.09 million, a price-to-earnings ratio of 44.87 and a beta of 1.33.

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.