Clearfield (NASDAQ:CLFD) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Clearfield (NASDAQ:CLFD) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

Several other research firms have also recently issued reports on CLFD. Lake Street Capital raised shares of Clearfield from a “hold” rating to a “buy” rating and raised their target price for the stock from $31.00 to $47.00 in a research 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 report on Friday, August 2nd. Roth Mkm dropped their price objective on Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Clearfield in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.75.

Clearfield Stock Performance

Shares of NASDAQ CLFD opened at $28.00 on Tuesday. The company has a 50-day simple moving average of $36.72 and a 200-day simple moving average of $37.77. The company has a debt-to-equity ratio of 0.01, a current ratio of 9.43 and a quick ratio of 6.69. The company has a market cap of $398.72 million, a PE ratio of -32.94 and a beta of 1.35. Clearfield has a 12 month low of $24.78 and a 12 month high of $44.83.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.13. The company had revenue of $46.80 million during the quarter, compared to the consensus estimate of $41.95 million. Clearfield had a negative return on equity of 4.41% and a negative net margin of 7.47%. Clearfield’s revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.17 EPS. On average, equities analysts anticipate that Clearfield will post -0.05 earnings per share for the current year.

Institutional Trading of Clearfield

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Clearfield by 1.4% during the first quarter. Vanguard Group Inc. now owns 1,012,432 shares of the communications equipment provider’s stock worth $31,223,000 after purchasing an additional 14,307 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new position in Clearfield during the 2nd quarter worth approximately $835,000. Creative Planning boosted its holdings in Clearfield by 2.5% in the 2nd quarter. Creative Planning now owns 98,088 shares of the communications equipment provider’s stock worth $3,782,000 after acquiring an additional 2,426 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Clearfield by 83.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,173 shares of the communications equipment provider’s stock worth $8,798,000 after acquiring an additional 103,648 shares during the period. Finally, Select Equity Group L.P. purchased a new stake in shares of Clearfield during the second quarter valued at approximately $453,000. 88.73% of the stock is owned by hedge funds and other institutional investors.

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.