Clearfield (NASDAQ:CLFD) Issues Q3 Earnings Guidance

Clearfield (NASDAQ:CLFD) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of ($0.38)-($0.31) for the period, compared to the consensus EPS estimate of ($0.27). The company issued revenue guidance of $40-$44 million, compared to the consensus revenue estimate of $36.67 million.

Analysts Set New Price Targets

Several research firms recently weighed in on CLFD. Needham & Company LLC boosted their target price on Clearfield from $36.00 to $42.00 and gave the stock a buy rating in a research note on Friday. Northland Securities upgraded shares of Clearfield from a market perform rating to an outperform rating and boosted their price objective for the stock from $25.00 to $40.00 in a research report on Friday. Finally, Roth Mkm reaffirmed a buy rating and issued a $47.00 target price on shares of Clearfield in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $42.40.

Clearfield Price Performance

Shares of CLFD traded up $4.22 during mid-day trading on Friday, reaching $36.13. 687,406 shares of the company’s stock were exchanged, compared to its average volume of 152,067. The business’s fifty day simple moving average is $29.95 and its 200-day simple moving average is $28.18. The stock has a market capitalization of $531.47 million, a PE ratio of -144.52 and a beta of 1.33. Clearfield has a 52-week low of $22.91 and a 52-week high of $50.82.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.13. Clearfield had a negative net margin of 1.79% and a negative return on equity of 1.06%. The company had revenue of $36.90 million for the quarter, compared to the consensus estimate of $31.25 million. During the same period last year, the firm posted $0.67 EPS. Clearfield’s revenue for the quarter was down 43.1% on a year-over-year basis. Equities research analysts predict that Clearfield will post -0.8 earnings per share for the current year.

Insider Activity at Clearfield

In related news, Chairman Ronald G. Roth bought 2,000 shares of the stock in a transaction on Friday, February 23rd. The shares were bought at an average cost 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 16.00% of the stock is currently owned by insiders.

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.