Before the opening of trading on Friday, Lake Street Capital increased its price target for Clearfield, Inc. (NASDAQ: CLFD), moving it from $120.00 to 135.00 dollars. The share price began the day at $107.00 and ended at $93.07 a share. Clearfield’s stock was last traded at $116.40 per share on a volume of 10,419 shares, and the price was unchanged.
There have been comments made on the stock by several other stock analysts as well. Needham & Company LLC boosted their price objective on Clearfield shares from $115.00 to $135.00 and gave the company a “buy” rating in a research report published on Friday. Within a research report made available to the public on October 12, StockNews.com began providing coverage on shares of Clearfield. They recommended that investors “hold on” to the shares. On Tuesday, September 13, Westpark Capital released a research report in which they began providing coverage for Clearfield shares. Again, they recommended that investors “hold on” to the shares. Finally, Northland Securities upgraded their price target on Clearfield shares from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report published on Friday. There has been one analyst who has suggested that the stock be sold, two analysts who have suggested that it be kept, and two analysts who have suggested that it be bought. According to Bloomberg, Clearfield currently carries an average recommendation of “Hold,” and the consensus price objective is $106.75.
In other developments about this topic, Clearfield Director Roger G. Harding sold 1,500 shares on Friday, August 26. At an average price of $125.86 per share, the shares could fetch a total of $188,790.00 when sold. As a result of the transaction, the director now owns 15,508 shares of the firm, which have a combined value of $1,951,836.88. The transaction was made public by a legal filing with the Securities and Exchange Commission, which may be located here for your perusal. The company insiders’ current ownership of the company’s stock is 17.40%.
Several hedge funds and institutional investors completed recent transactions involving CLFD share purchases and sales. BlackRock Inc. boosted its holdings in Clearfield by 128.9% during the third quarter of the fiscal year. BlackRock Inc. now owns 1,798,204 shares of the communications equipment provider’s stock after purchasing an additional 1,012,641 shares. The current worth of these shares is $188,165,000. During the third quarter, Vanguard Group Inc. boosted the percentage of Clearfield it held by 30.1%. As a result of the purchase of 177,488 additional shares during the most recent fiscal quarter, Vanguard Group Inc. currently has a total of 766,266 shares of the communications equipment provider’s stock. The current market value of these shares is $80,182,000. During the first three months of 2018, Dimensional Fund Advisors LP added 1.3% more shares of Clearfield to its holdings. After making an earlier investment of 5,734 shares, Dimensional Fund Advisors LP currently has 432,241 of the communications equipment provider’s shares, which are worth a combined total of $28,191,000. Atika Capital Management LLC increased the percentage of Clearfield in which it has a holding by 14.2% during the first quarter. Atika Capital Management LLC now owns 395,904 shares of the communications equipment provider’s stock, valued at $25,822,000, after the company made a new purchase of 49,309 shares during the most recent quarter. In the final step, State Street Corporation completed a 66.9% increase in its interest in Clearfield during the third quarter. State Street Corp. now owns 378,067 shares of the communications equipment provider’s stock, having increased its holdings by 151,583 during the last quarter. The current market value of these shares is $39,561,000. Now, hedge funds and other institutional investors hold 48.06 percent of the company’s shares.
The firm’s market capitalization is currently at $1.59 billion, its P/E ratio stands at 39.87, and its beta stands at 1.33. The moving average for the company over the past 50 days is $100.56, and the moving average for the past 200 days is $86.45.
Clearfield, Inc. designs, manufactures, markets, and sells standard and customized passive connectivity products to the fiber-to-the-premises, enterprise, and original equipment manufacturer markets in the United States and worldwide. These markets include fiber-to-the-premises, enterprise, and original equipment manufacturers. In addition, the company sells the FieldSmart brand of enclosures, which includes a variety of panels, cabinets, and wall boxes, among other options.
Read More: Clearfield (NASDAQ:CLFD) shares surge after an analyst upgrade.