Clearfield (NASDAQ:CLFD) Issues Q3 Earnings Guidance

Clearfield (NASDAQ:CLFD) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of ($0.38)-($0.31) for the period, compared to the consensus earnings per share 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 have recently commented on CLFD. Roth Mkm restated a buy rating and issued a $47.00 price target on shares of Clearfield in a report on Wednesday. Needham & Company LLC reaffirmed a buy rating and issued a $36.00 price target on shares of Clearfield in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Clearfield currently has an average rating of Hold and a consensus target price of $42.20.

Clearfield Stock Performance

Shares of NASDAQ:CLFD traded up $0.97 during midday trading on Thursday, hitting $31.91. 294,616 shares of the company’s stock traded hands, compared to its average volume of 201,641. Clearfield has a twelve month low of $22.91 and a twelve month high of $50.82. The company has a market cap of $469.40 million, a PE ratio of 37.73 and a beta of 1.33. The firm’s fifty day moving average price is $29.76 and its two-hundred day moving average price is $28.07.

Clearfield (NASDAQ:CLFD) last released its earnings results on Thursday, February 1st. The communications equipment provider reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.05. Clearfield had a net margin of 6.00% and a return on equity of 4.22%. The business had revenue of $34.20 million for the quarter, compared to the consensus estimate of $29.88 million. During the same period last year, the firm posted $1.00 earnings per share. The firm’s quarterly revenue was down 60.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Clearfield will post -1.03 EPS for the current fiscal year.

Insider Transactions at Clearfield

In other news, Chairman Ronald G. Roth purchased 2,000 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was 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 $37,315,157.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 16.00% of the company’s stock.

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.