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

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 research report issued to clients and investors on Saturday.

Separately, Needham & Company LLC reiterated a "buy" rating and set a $50.00 price objective on shares of Clearfield in a research report on Wednesday, March 26th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $46.75.

Clearfield Stock Up 1.4%

Shares of Clearfield stock opened at $44.43 on Friday. Clearfield has a twelve month low of $23.78 and a twelve month high of $44.83. The business has a 50-day moving average price of $37.82 and a 200-day moving average price of $33.85. The firm has a market cap of $614.40 million, a price-to-earnings ratio of -317.32 and a beta of 1.71.

Clearfield (NASDAQ:CLFD - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The communications equipment provider reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.28. The business had revenue of $47.17 million during the quarter, compared to analysts' expectations of $38.53 million. Clearfield had a negative return on equity of 0.68% and a negative net margin of 1.04%. On average, equities analysts expect that Clearfield will post -0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Clearfield

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new stake in Clearfield in the fourth quarter worth $721,000. Sequoia Financial Advisors LLC bought a new stake in shares of Clearfield in the 4th quarter worth about $233,000. Royce & Associates LP boosted its stake in shares of Clearfield by 3.1% during the 4th quarter. Royce & Associates LP now owns 478,809 shares of the communications equipment provider's stock worth $14,843,000 after purchasing an additional 14,464 shares during the period. Quantbot Technologies LP boosted its stake in shares of Clearfield by 261.4% during the 4th quarter. Quantbot Technologies LP now owns 4,879 shares of the communications equipment provider's stock worth $151,000 after purchasing an additional 3,529 shares during the period. Finally, American Century Companies Inc. grew its holdings in Clearfield by 11.1% during the 4th quarter. American Century Companies Inc. now owns 23,514 shares of the communications equipment provider's stock valued at $729,000 after purchasing an additional 2,344 shares during the last quarter. Hedge funds and other institutional investors own 88.73% of the company's stock.

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.

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