Clearfield (NASDAQ:CLFD) Upgraded to "Buy" at Wall Street Zen

Clearfield (NASDAQ:CLFD - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

Separately, Needham & Company LLC reissued a "buy" rating and set a $50.00 target price on shares of Clearfield in a report on Wednesday, March 26th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Clearfield has an average rating of "Buy" and an average target price of $46.75.

Clearfield Stock Down 1.3%

Clearfield stock traded down $0.56 during trading on Friday, hitting $43.38. The stock had a trading volume of 74,859 shares, compared to its average volume of 121,964. The stock's 50 day moving average is $38.40 and its two-hundred day moving average is $34.06. Clearfield has a 1 year low of $23.78 and a 1 year high of $44.86. The stock has a market cap of $599.95 million, a price-to-earnings ratio of -309.86 and a beta of 1.71.

Clearfield (NASDAQ:CLFD - Get Free Report) last issued its earnings results on Thursday, May 8th. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.28. The firm had revenue of $47.17 million for the quarter, compared to analyst estimates of $38.53 million. Clearfield had a negative return on equity of 0.68% and a negative net margin of 1.04%. As a group, equities research analysts anticipate that Clearfield will post -0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Clearfield

Institutional investors and hedge funds have recently modified their holdings of the company. Select Equity Group L.P. increased its holdings in Clearfield by 770.2% during the 1st quarter. Select Equity Group L.P. now owns 176,304 shares of the communications equipment provider's stock worth $5,240,000 after acquiring an additional 156,044 shares during the period. Tudor Investment Corp ET AL purchased a new position in shares of Clearfield during the 4th quarter valued at $1,594,000. Dimensional Fund Advisors LP increased its holdings in shares of Clearfield by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 322,378 shares of the communications equipment provider's stock worth $9,994,000 after purchasing an additional 48,730 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Clearfield in the fourth quarter worth $1,311,000. Finally, Nuveen LLC purchased a new stake in shares of Clearfield in the first quarter worth $1,016,000. 88.73% of the stock is owned by hedge funds and other institutional investors.

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.